# The Individual Savings Account (Amendment No. 3) Regulations 2008

S.I. 2008/3025 · made 24 November 2008

These Regulations amend the Individual Savings Account Regulations (S.I. 1998/1870) to extend the list of qualifying investments for stocks and shares ISAs to include bonds issued by multilateral institutions (as defined by the Organisation for Economic Co-operation and Development). Multilateral institutions are those, contributions to which may be reported as official development assistance by governments and other official agencies. Some multilateral institutions, which receive grants from national governments, have issued securities on the capital markets, in order to raise funds for their development goals. These Regulations allow retail investors who purchase those securities to do so through their ISAs.

Made under: Income Tax (Trading and Other Income) Act 2005 (Section 694, Section 695, Section 696, Section 697, Section 698, Section 699, Section 700, Section 701); Taxation of Chargeable Gains Act 1992 (Section 151)

PDFs: Printed copy https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2008/pdf/uksi_20083025_en.pdf; Explanatory Memorandum https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2008/pdf/uksiem_20083025_en.pdf

## Introductory text

Income Tax
Made 24th November 2008
Laid before the House of Commons 24th November 2008
Coming into force 16th December 2008
The Treasury make the following Regulations in exercise of the powers conferred by sections 694 to 701 of the Income Tax (Trading and Other Income) Act 2005 and section 151 of the Taxation of Chargeable Gains Act 1992:

## 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2008 and shall come into force on 16th December 2008.

## 2 Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

## 3 Amendment of the Individual Savings Account Regulations 1998

In regulation 2(1)(a) in the definition of “security”—
(a) for “(cb) and (8)(b), 8(2)(e) and (f), 31(4)(b)” substitute “(cc) and (8)(b), 8(2)(f)”;
(b) at the end add “, and in regulation 7(2)(cc) has the same meaning but with the omission of the words “of a company””.

## 4 Amendment of the Individual Savings Account Regulations 1998

In regulation 7(2) (qualifying investments for a stocks and shares component) after sub-paragraph (cb) insert—
“(cc) securities issued by a multilateral institution, contributions to which may be reported as official development assistance, listed in Part I of Annex 2 to the DAC Statistical Reporting Directive (approved by the Development Assistance Committee of the Organisation for Economic Co-operation and Development), where the securities satisfy the conditions in paragraphs (5)(b) and (6);”.

## Signature

Steve McCabe
Frank Roy
Two of the Lords Commissioners of Her Majesty’s Treasury
24th November 2008

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations (S.I. 1998/1870) to extend the list of qualifying investments for stocks and shares ISAs to include bonds issued by multilateral institutions (as defined by the Organisation for Economic Co-operation and Development). Multilateral institutions are those, contributions to which may be reported as official development assistance by governments and other official agencies. Some multilateral institutions, which receive grants from national governments, have issued securities on the capital markets, in order to raise funds for their development goals. These Regulations allow retail investors who purchase those securities to do so through their ISAs.
Regulation 1 provides for citation and commencement.
Regulation 3 makes necessary changes to the ISA definition of “securities.”
Regulation 4 adds the securities to the list of qualifying investments for stocks and shares ISAs.
A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2008/3025 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2008
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.