# The Individual Savings Account (Amendment No. 2) Regulations 2016, Regulation 16: Amendment of the Individual Savings Account Regulations 1998

Extent: E+W+S+N.I.

In regulation 21 (transfers relating to accounts other than junior ISA accounts)—
(a) in paragraph (4)—
(i) at the end of sub-paragraph (a), omit “or”;
(ii) after sub-paragraph (b), insert—
“or
(c) an innovative finance account (if the account investor is 18 years of age or over),”;
(b) in paragraph (4C)—
(i) at the end of sub-paragraph (a), omit “or”;
(ii) after sub-paragraph (b), insert—
“or
(c) an innovative finance account to an innovative finance account,”;
(c) in paragraph (4DA)—
(i) after sub-paragraph (c), insert—
“(ca) an innovative finance account (whether or not in a bulk transfer of accounts) is transferred to an innovative finance account held with the transferee immediately before the time when the transfer is made;”;
(ii) in sub-paragraph (d), after “stocks and shares account” insert “or an innovative finance account”;
(iii) at the end of sub-paragraph (d), omit “or”;
(iv) in sub-paragraph (e), after “cash account” insert “or an innovative finance account”;
(v) at the end of sub-paragraph (e), omit the full-stop; and
(vi) after sub-paragraph (e), insert—
“; or
(f) an innovative finance account is transferred (otherwise than in a bulk transfer of accounts) to a cash account or a stocks and shares account held with the transferee immediately before the time when the transfer is made.”;
(d) in paragraph (4DB), for “(4DA)(b) or (c)” substitute “(4DA)(b), (c), or (ca)”; and
(e) in paragraph (6)(b)(i), for “or stocks and shares account” substitute “, stocks and shares account or innovative finance account”.

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Source: https://www.legislation.gov.uk/uksi/2016/364/regulation/16 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2016/regulation-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.