Amendments to the Individual Savings Account Regulations 1998

3.  In regulation 2(1)(a) (interpretation)—

(a)in the definition of “account”, for “regulation 4(1)” substitute “regulation 4(1) and, where appropriate, regulation 2B(b)”;

(b)for the definition of “account investor” substitute—

“an “account investor” has the meaning given in regulation 2A;”;

(c)after the definition of “building society bonus” insert—

““business day” means any day except—

(d)after the definition of “ceasing to be subject to the plan” insert—

““child” means an individual under 18;”;

(e)after the definition of “EEA State” insert—

““eligible child” means a child—

(f)after the definition of “ITTOIA 2005” insert—

““junior ISA account” has the meaning given in regulation 2B;”;

(g)after the definition of “market value” insert—

““named child” means a child who holds an account opened pursuant to a junior ISA application described in regulation 12A;”;

(h)after the definition of “notice” insert—

““parental responsibility” means—

(i)in the definition of “qualifying distribution” for “section 832(1) of the Taxes Act” substitute “section 1136 of the Corporation Tax Act 2010(7)”;

(j)in the definition of “recognised stock exchange” for “section 841 of the Taxes Act” substitute “section 1005 of ITA 2007(8)”; and

(k)after the definition of “relevant European institution” insert—

““responsible person” means a person who is the responsible person in respect of the management of a junior ISA account in accordance with regulation 2C(4);”.