Regulation 5 Amendment of regulation 5DDB

For paragraph (3) of regulation 5DDB (flexible account)^f1 substitute—

“(3)

Any replacement of a previous years’ subscription^f2 may be made only to the account from which the withdrawal of a cash amount it is replacing was made.

(3A)

Any replacement subscription^f3 that is not deemed to be a replacement of a previous years’ subscription is to be treated as a subscription to an account as specified in regulation 4ZA (subscriptions to an account other than a junior ISA account).”.

In paragraph (4) of regulation 5DDB, before “Any withdrawal” insert “Subject to paragraph (4A),”.

After paragraph (4) of regulation 5DDB insert—

“(4A)

No withdrawal under paragraph (1) may reduce the current year’s subscription^f4 amount to less than nil.”.