# The Individual Savings Account Regulations 1998, Regulation 5DA: Defaulted cash account subscription

Extent: E+W+S+N.I.

A subscription is a defaulted cash account subscription if—
(a) it is made to an account (which may be a stocks and shares account, a cash account, an innovative finance account or a Lifetime ISA) held by an account investor who held a cash account (“defaulted cash account”) in respect of which a default event occurred no more than 180 days before the subscription is made; and
(b) it does not exceed the amount held in the defaulted cash account immediately before the default event occurred (including interest accrued but not paid at that time) plus, in the case of a flexible account, in the year in which the default event occurred and before such event, the amount (if any) of cash withdrawn from the account which was not replaced by a replacement subscription.

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Source: https://www.legislation.gov.uk/uksi/1998/1870/regulation/5DA (the official version)
Page: https://openlegislation.uk/individual-savings-account-regulations-1998/regulation-5DA
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.