Regulation 16 Amendment of regulation 31 (returns of information by account manager)I1

after “as regards each such account” omit from “, to which” to “a year”;

after F1sub-paragraph (ia), insert−

“(ib)

whether the account is a flexible account,”;

in sub-paragraph (ii) after “ total amount” for “of cash” substitute “,disregarding a subscription made in accordance with regulation 5D,”; and

after sub-paragraph (ii), insert−

“(iia)

in place of the provision in paragraph (ii) in the case of a flexible account, in the year or part of the year for which the return is made, disregarding a subscription made in accordance with regulation 5D (except for a replacement subscription), the total amount subscribed to the account less the amount of any cash withdrawn from it and if the result is in the negative, the amount to be reported is nil,”;

in sub-paragraph (iii), after “subscription” insert “,if any,”; and

after sub-paragraph (iv) insert “and”;

after sub-paragraph (v) substitute a full stop for the comma and omit “and”; and

omit sub-paragraph (vi).

in paragraph (a) after sub-paragraph (iv) insert-

“(v)

accounts receiving subscriptions made in accordance with regulation 5D(2)(a)(iv); and”; and

in paragraph (b)-

after paragraph (b)(iv), insert −

“In the case of a flexible account, in the year or part of the year for which the return is made, there is to be disregarded, in respect of each account, a subscription made in accordance with regulation 5D (except for a replacement subscription) and there is to be deducted from the total amount subscribed the amount of any cash withdrawn from the account and if the result is in the negative, the amount to be reported is nil.”.