Article 2 Variation of Schedule 7

Schedule 7^f1 to the Friendly Societies Act 1992 (which lists the activities which may be carried on by a subsidiary of, or a body jointly controlled by, an incorporated friendly society) is amended by inserting after paragraph 1 the following paragraph–

“1A

The establishment and management, or arranging for the establishment and management, of individual savings accounts; and in this paragraph “individual savings accounts” means plans of a kind referred to in section 333(1A) of the Income and Corporation Taxes Act 1988^f2.”