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Regulation 12 New regulation 5DAA

Original text. Later amendments are not shown.

After regulation 5DA (defaulted cash account subscription) insert—

“Defaulted Lifetime ISA subscription

5DAA.

A subscription is a defaulted Lifetime ISA subscription if—

(a)

it is made to a Lifetime ISA held by the account investor who held the Lifetime ISA in respect of which a defaulted investment payment has been made no more than 180 days before the subscription is made; and

(b)

it does not exceed the defaulted investment payment.”.