Amendment of the Individual Savings Account Regulations 1998

15.  In regulation 12(3) (conditions for application to subscribe to an account)—

(a) for sub-paragraph (a) substitute—

“(a) his application is to subscribe to a stocks and shares account or cash account, as the case may be;”;

(b) for sub-paragraphs (d) and (e) substitute—

“(d) in the case of a stocks and shares account, the applicant—

(i) has not subscribed, and will not subscribe, to any other stocks and shares account, in the year to which paragraph (2) refers, and

(ii) will not subscribe to any other stocks and shares account, in each successive year following that year, in which the declaration has effect;

(e) in the case of a cash account, the applicant—

(i) has not subscribed, and will not subscribe, to any other cash account, in the year to which paragraph (2) refers, and

(ii) will not subscribe to any other cash account, in each successive year following that year, in which the declaration has effect;

(ea) that the applicant has not subscribed, and will not subscribe, more than the appropriate overall subscription limit in regulation 4(2) (aggregating subscriptions to all accounts)—

(i) in the year to which paragraph (2) refers, and

(ii) in each successive year following that year, in which the declaration has effect;

(eb) that in the case of a cash account, the applicant has not subscribed, and will not subscribe, more than the subscription limit in regulation 4(3)—

(i) in the year to which paragraph (2) refers, and

(ii) in each successive year following that year, in which the declaration has effect;”.