# The Individual Savings Account (Amendment No. 2) Regulations 2016, Regulation 5: Amendment of the Individual Savings Account Regulations 1998

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

In regulation 4 (general conditions for accounts and subscriptions to accounts)—
(a) in paragraph (1), for “and in respect of which—” substitute “which is an innovative finance account or in respect of which— ”;
(b) after paragraph (1), insert—
“(1ZA) An innovative finance account is an account in respect of which—
(a) the conditions in paragraphs (1A)(a) and (ca); (1B)(ba) to (e); (5); (6)(a), (e) and (g) are fulfilled;
(b) in relation to cash held in an account, the conditions in paragraphs (6)(f) and (fa) and (7) are fulfilled; and
(c) the application to open the account is made in accordance with regulation 12.”;
(c) in paragraph (1A)—
(i) in sub-paragraph (a), for “or a cash account” substitute “, a cash account or an innovative finance account”;
(ii) after sub-paragraph (c), insert—
“(ca) an innovative finance account is made up of a single innovative finance component only;”;
(d) in paragraph (1B), after sub-paragraph (b), insert—
“(ba) except for a subscription made in accordance with regulation 5D(2)(a)(iv), a qualifying individual who is 18 or over may only subscribe to a single innovative finance account in a particular year;”; and
(e) in paragraph (6)(b), after “regulation 8(2)(a),(b) or (e)” insert “and qualifying investments for an innovative finance component ”.

---
Source: https://www.legislation.gov.uk/uksi/2016/364/regulation/5 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2016/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.