Regulation 13 Amendment of the Individual Savings Account Regulations 1998

for the heading substitute “Insurance policies”;

for paragraphs (1) and (2) substitute—

“(1)

Policies referred to in regulation 7(2)(n) or (o) or 8(2)(l) or (m) must, subject to compliance with paragraphs (4) to (7), satisfy the conditions specified in paragraph (3).

(2)

In paragraph (1) “policies” includes rights under a linked long-term contract specified as a stakeholder product by regulation 6 of the Stakeholder Products Regulations.”;

in paragraph (3)(b)(i) omit “an insurance component of”;

in paragraph (4) omit “which is a qualifying investment for an insurance component falling within paragraph (2)(a)”.