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The Individual Savings Account (Amendment No. 2) Regulations 2016

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Amendment of the Individual Savings Account Regulations 1998

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16.  In regulation 21 (transfers relating to accounts other than junior ISA accounts)—

(a)in paragraph (4)—

(i)at the end of sub-paragraph (a), omit “or”;

(ii)after sub-paragraph (b), insert—

“or

(c)an innovative finance account (if the account investor is 18 years of age or over),”;

(b)in paragraph (4C)—

(i)at the end of sub-paragraph (a), omit “or”;

(ii)after sub-paragraph (b), insert—

“or

(c)an innovative finance account to an innovative finance account,”;

(c)in paragraph (4DA)—

(i)after sub-paragraph (c), insert—

“(ca)an innovative finance account (whether or not in a bulk transfer of accounts) is transferred to an innovative finance account held with the transferee immediately before the time when the transfer is made;”;

(ii)in sub-paragraph (d), after “stocks and shares account” insert “or an innovative finance account”;

(iii)at the end of sub-paragraph (d), omit “or”;

(iv)in sub-paragraph (e), after “cash account” insert “or an innovative finance account”;

(v)at the end of sub-paragraph (e), omit the full-stop; and

(vi)after sub-paragraph (e), insert—

“; or

(f)an innovative finance account is transferred (otherwise than in a bulk transfer of accounts) to a cash account or a stocks and shares account held with the transferee immediately before the time when the transfer is made.”;

(d)in paragraph (4DB), for “(4DA)(b) or (c)” substitute “(4DA)(b), (c), or (ca)”; and

(e)in paragraph (6)(b)(i), for “or stocks and shares account” substitute “, stocks and shares account or innovative finance account”.

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