Regulation 4 Closure of certain individual savings accountsI1

No deposit may be made in a relevant ISA.

The Director of Savings may transfer the balance in a relevant ISA at the date of transfer including accrued interest not yet credited to the account to a Direct ISA opened in the name of the depositor.

In this regulation—

• “Direct ISA” means an individual savings account for which terms and conditions have been set under section 9A(1) of the 1971 Act^f1;

• “relevant ISA” means an individual savings account other than a Direct ISA.