The Individual Savings Account (Amendment) Regulations 2010

• Citation: S.I. 2010/835
• Sections: 3

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2010 and shall come into force on 9th April 2010.

(2) These Regulations have effect from 30 th December 2009.

Section 2 Amendment to the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

Section 3 Amendment to the Individual Savings Account Regulations 1998

After Regulation 5A insert—

Treatment of certain sums held in accounts managed by Keydata Investment Services Limited

(5B)

(1) This regulation applies if—

(a) at 8 th June 2009, an account investor had an account holding SLS Capital S.A. Secure Income Bonds, issue 1, 2 or 3 (“the Bonds”), for which the account manager was Keydata Investment Services Limited (“Keydata”) which went into administration on that date;

(b) the investor has received from the Administrators of Keydata a certificate containing the following information—

(i) the investor’s full name and permanent residential address, including postcode;

(ii) the investor’s Keydata client reference number;

(iii) the date of investment in the Bonds;

(iv) the amount (if any) subscribed in cash;

(v) the amount (if any) subscribed by an ISA transfer;

(vi) the total amount subscribed (for investment in the Bonds); and

(vii) the maximum amount that can be reinvested using the certificate.

(2) Where this regulation applies, the account investor may make a single subscription to a stocks and shares account held by him or her with another account manager—

(a) not exceeding the maximum stated in the certificate under paragraph (1)(b)(vii);

(b) not later than 5 th April 2011; and

(c) giving the certificate to the new account manager.

(3) The subscription made under this regulation shall not count towards the subscription limits in regulation 4(2).

(4) The new account manager must—

(a) treat the subscription made under this regulation in the same way as an account transferred from another account manager to him; and

(b) retain either the certificate mentioned in paragraph (1)(b), or a copy of it.