Amendment of the Individual Savings Account Regulations 19983

In regulation 2 (interpretation), in paragraph (1)(a)—

a

in the definition of “account”, in paragraph (iv), from “section” to “institution”, substitute: “section 991(2) of the Income Tax Act 20074”;

b

after the definition of “assurance undertaking” insert—

  • “bank” has the meaning given by section 991(2) to (5) of the Income Tax Act 2007;

c

in the definition of “European institution”, for “paragraph 5(a), (b) or (c)”, substitute: “paragraph 5(a) to (d), (f) and (h)”; and after “under paragraph 12”, insert: “(1) to (4) and (7)”;

d

for the meaning given for “investment trust”, substitute—

  • “investment trust” is a company that is such a trust for the purposes of the Corporation Tax Acts5, or would be such a trust but for section 1158(3) of the Corporation Tax Act 20106;

e

omit the definition of “relevant European institution”.