Regulation 7 Amendment of the Individual Savings Account Regulations 1998I1

In regulation 5DD (defaulted investment payment), for the text of the regulation substitute—

“A defaulted investment payment occurs where a payment is made (otherwise than by accretion to an account) by way of compensation in respect of poor performance, loss (in whole or in part), depreciation or risk of depreciation of an investment (“defaulted investment”)—

(a)

described in regulation 7, held in a stocks and shares account (whether or not the defaulted investment continues to be held in the account at the time of the payment); or

(b)

described in regulation 8A, held in an innovative finance account (whether or not the defaulted investment continues to be held in the account at the time of the payment).”.