The Individual Savings Account (Amendment No. 4) Regulations 2015

• Citation: S.I. 2015/1370
• Sections: 5

Section 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment No. 4) Regulations 2015 and come into force on 1st July 2015.

Section 2 Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

Section 3 Amendment of the Individual Savings Account Regulations 1998

In regulation 2(1)(a) (interpretation)—

(a) in the definition of “company”—

(i) at the end of paragraph (i) insert “or”;

(ii) for the comma at the end of paragraph (ii), substitute a semicolon;

(iii) omit sub-paragraphs (iii) and (iv);

(b) omit the definition of “industrial and provident society”.

Section 4 Amendment of the Individual Savings Account Regulations 1998

In regulation 7 (qualifying investment for stocks and shares component)—

(a) in paragraph (2)—

(i) at the end of sub-paragraph (b)(i) insert “and”;

(ii) at the end of sub-paragraph (b)(ii) for “and” substitute a full stop;

(iii) omit sub-paragraph (b)(iii);

(iv) in sub-paragraph (d) omit “, in circumstances where the trust satisfies the conditions specified in paragraph (8)”;

(v) omit paragraph (8).

(b) in paragraph (5) at the end of sub-paragraph (c) for the full stop substitute a semicolon and, after that sub-paragraph, insert—

(d) that the shares in the company issuing the securities are admitted to trading on a recognised stock exchange in the European Economic Area;

(e) that the securities are so admitted to trading;

(f) that the company issuing the securities is a 75% subsidiary of a company whose shares are so admitted to trading.

Section 5 Amendment of the Individual Savings Account Regulations 1998

In regulation 31(4)(a) (returns of information by account manager)—

(a) at the end of sub-paragraph (ii) insert “listed on the official list of a recognised stock exchange”;

(b) after sub-paragraph (ii) insert—

(iiaa) qualifying securities admitted to trading on a recognised stock exchange in an EEA State,