Regulation 14 Amendment of the Individual Savings Account Regulations 1998I1

in sub-paragraph (a), for “or cash account” substitute “, cash account or innovative finance account”;

in sub-paragraph (d), for “5D(2)(a)(i), (iia), (iv) or (v)” substitute”5D(2)(a)(iia) or (iv)”;

in sub-paragraph (e), for “5D(2)(a)(iia) or (iv)” substitute “5D(2)(a)(i), (iia), (iv) or (v)”; and

after sub-paragraph (e), insert—

“F1(fa)

in the case of an innovative finance account, except for a subscription made in accordance with regulation 5D(2)(a), (iia) or (iv), the applicant—

(i)

has not subscribed, and will not subscribe, to any other innovative finance account, in the year to which paragraph (2) refers, and

(ii)

will not subscribe to any other innovative finance account, in each successive year following that year in which the declaration has effect;”.