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The Dormant Bank and Building Society Accounts (Tax) Regulations 2011

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Amendment of the Individual Savings Account Regulations 1998

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9.—(1) The Individual Savings Account Regulations 1998(1) are amended as follows.

(2) In regulation 2(1)(a) (interpretation) add at the appropriate place—

““dormant account” means a cash account which is a “relevant dormant account” within the meaning given in section 39(2) of the Finance Act 2008, omitting the words—

(a)

“is to be, or”; and

(b)

“will apply, or” (in both places they appear);”.

(3) After regulation 5B(2) insert—

“Treatment of certain sums held in dormant accounts

5C.—(1) Regulations 30 and 31 (information by account managers) shall not apply to a dormant account, while section 1 or 2 of the Dormant Bank and Building Society Accounts Act 2008 (“the 2008 Act”) applies in relation to that account.

(2) Where, following a repayment claim, the balance of a dormant account is paid—

(a)back into the account (in a case where the original cash account can be reinstated with the same account manager, the same account investor and number), or

(b)into another cash account in the same account investor’s name, with the same account manager (in any other case),

the payment into the account shall not count towards the subscription limits in regulation 4(2) and (3).

(3) In this regulation, “repayment claim” means a repayment claim mentioned in section 5(6) of the 2008 Act, and other terms used in this regulation and that Act have the same meaning in this regulation as in that Act.”.

(2)

Regulation 5B was inserted by S.I. 2010/835.

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