Amendment of the Individual Savings Account Regulations 1998

3.  In regulation 2(1)(a) (interpretation) insert at the appropriate place—

““building society bonus”, except in regulation 22(1)(a)(i), excludes any bonus, distribution of funds or the conferring of rights in relation to shares—

(a)

in connection with an amalgamation, transfer of engagements or transfer of business of a building society, and

(b)

mentioned in section 96 or 100 of the Building Societies Act 1986(1),

and “payment under a building society bonus scheme” shall be construed accordingly;.”.

(1)

1986 c. 53.