Regulation 4 General conditions for accounts and subscriptions to accounts

the conditions and requirements contained in paragraphs (1A) and (5) to (8) are fulfilled; and

either—

the conditions in paragraphs (1A)(a) and (ca); F5(1B)F6... (c), d(i) and (e); (5); (6)(a), (e) and (g) are fulfilled;

in relation to cash held in an account, the conditions in paragraphs (6)(f) and (fa) and (7) are fulfilled; and

the application to open the account is made in accordance with regulation 12.

the conditions in paragraphs (1A)(a) and (cb), (1B)(bb), (c), (d)(ii), (e) and (f) and (5) to (10) are fulfilled; and

the application to open the account is made in accordance with regulation 12B.

the account is set up as a stocks and shares accountF9, a cash accountF10, an innovative finance account or a Lifetime ISA;

a stocks and shares account is made up of a single stocks and shares component only;

a cash account is made up of a single cash component only;

an innovative finance account is made up of a single innovative finance component only;

a Lifetime ISA is made up of a single Lifetime ISA component only;

the application to open the account is made in accordance with regulation 12 or 12A.

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a Lifetime ISA qualifying individual may only make a qualifying addition to a single Lifetime ISA in a particular year;

it is an account to which only one qualifying individual subscribes F17or, in the case of a Lifetime ISA, to which only one Lifetime ISA qualifying individual makes a qualifying addition;

subject to regulations 5DDA(2)(e) and 7(2)(h), it is—

the subscriptions made by the qualifying individual to accounts (ignoring transfers and payments from account managers to the individual) do not in the aggregate in any year exceed the subscription F19limit in regulation 4ZA(1) F20... F21; and

in the case of a Lifetime ISA the current year payments made by a Lifetime ISA qualifying individual do not in aggregate in any year exceed the Lifetime ISA payment limit in regulation 4ZA(1A).

that the account investments shall be in the beneficial ownership of—

where the account investments are fractional interests, that—

that, except in relation to F27a fractional interest, qualifying investments for a cash component within regulation 8(2)(a), (b) or (e) F28and qualifying investments for an innovative finance component F29other than those within regulation 8A(2)(cb) F30or (cd), and subject to regulation 15—

that fractional interests are treated as meeting the requirements of sub-paragraph (b)(i) or (ia) if (and only if) the title to the whole share in which the account investor holds a fractional interest meets the requirements of those paragraphs;

that, in relation to a stocks and shares component, F34qualifying investments for an innovative finance component F35, a Lifetime ISA component F36and qualifying investments falling within sub-paragraph (h) of regulation 8(2), the account manager shall, if the account investor so elects, arrange for the account investor to receive a copy of the annual report and accounts issued to investors by every company, unit trust, open-ended investment company or other entity in which he has account investments;

that, in relation to a stocks and shares component F37(excluding an investment in fractional interests), F38qualifying investments for an innovative finance component F39, a Lifetime ISA component F40and qualifying investments falling within sub-paragraph (h) of regulation 8(2), the account manager shall be under an obligation (subject to any provisions made under any enactment and if the account investor so elects) to arrange for the account investor to be able—

that, in relation to investments in fractional interests, where the account investor holds more than one fractional interest in relation to the same investment, the aggregated value of which amounts to at least one whole share (“aggregated whole share”)—

that the account manager shall satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the account investor is competent to carry out those functions or responsibilities;

that F42on the instructions of the account investor (“the transfer instructions”) and within such time as is stipulated by the account investor in the transfer instructions—

F43shall be transferred to another account manager subject to and in accordance with F44regulation 21 or 21B F45and, where it applies, regulation 21A;

that on the instructions, subject to regulation 9(3)(b), of the account investor (“the withdrawal instructions”) and within such time as is stipulated by the account investor in the withdrawal instructions, account investments, interest, dividends, rights or other proceeds in respect of such investments or any cash shall be transferred or paid to him F47or, where paragraph 6(12) of the Schedule applies, an eligible conveyancer;

that the account manager shall notify the account investor if by reason of any failure to satisfy the provisions of these Regulations an account is or will become no longer exempt from tax by virtue of regulation 22(1).

must not exceed 30 days; and

must be consistent with regulation 21A where it applies.