Amendment of the Individual Savings Account Regulations 199813

In regulation 9—

a

for the heading substitute “Insurance policies”;

b

for paragraphs (1) and (2) substitute—

1

Policies referred to in regulation 7(2)(n) or (o) or 8(2)(l) or (m) must, subject to compliance with paragraphs (4) to (7), satisfy the conditions specified in paragraph (3).

2

In paragraph (1) “policies” includes rights under a linked long-term contract specified as a stakeholder product by regulation 6 of the Stakeholder Products Regulations.

c

in paragraph (3)(b)(i) omit “an insurance component of”;

d

in paragraph (4) omit “which is a qualifying investment for an insurance component falling within paragraph (2)(a)”.