Regulation 9 Amendment of the Individual Savings Account Regulations 1998

After regulation 4C (removal of insurance components)^f1 insert—

“Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6^th April 2008

4D.

(1)

This regulation applies to accounts in existence immediately before 6^th April 2008 (“the transitional time”).

(2)

An account that, at the transitional time, is or has been designated as a TESSA only account shall be treated as a cash account on and from 6^th April 2008.

(3)

An account that, at the transitional time, is or has been designated as a mini-account made up of a cash component shall be treated as a cash account on and from 6^th April 2008.

(4)

An account that, at the transitional time, is or has been designated as a mini-account made up of a stocks and shares component shall be treated as a stocks and shares account on and from 6^th April 2008.

(5)

An account that, at the transitional time, is or has been designated as a maxi-account and is made up of a stocks and shares component only, shall be treated as a stocks and shares account on and from 6^th April 2008.

(6)

Where an account, at the transitional time, is or has been designated as a maxi-account and is made up of two components—

(a)

the stocks and shares component, if it holds investments or cash at the transitional time, shall be treated as a stocks and shares account on and from 6^th April 2008; and

(b)

the cash component, if it holds investments or cash at the transitional time, shall be treated as a separate cash account on and from 6^th April 2008.”