The Individual Savings Account Regulations 1998

[F1[F2Treatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)U.K.

5DZ.—(1) This regulation applies where a qualifying individual has given an instruction under regulation 13A of the Child Trust Funds Regulations that investments be transferred by way of subscription to an account under these regulations.

(2) A subscription made in accordance with this regulation must be disregarded for the purposes of—

(a)the overall subscription limit under regulation 4ZA(1) (subscriptions to an account other than a junior ISA account); and

(b)the conditions under regulations—

(i)10(2)F3... (d) (qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA);

(ii)10A(2)(f) (Lifetime ISA qualifying individuals who may invest under a Lifetime ISA); and

(iii)12B(4)(d)(i) to (iii) (conditions for application to open an account that is a Lifetime ISA).

(3) Where a qualifying individual has given an instruction in relation to funds held otherwise than in cash, such transfer may be made in specie.]]

Textual Amendments