Citation and commencement

1. These Regulations may be cited as the Individual Savings Account (Amendment No. 2) Regulations 2005 and shall come into force on 6th October 2005.

Amendment of the Individual Savings Account Regulations 1998

2.The Individual Savings Account Regulations 1998( 3 ) are amended as follows.

3. In regulation 2(1)(a) for the definition of “the Board” substitute—

“ “the Board” means the Commissioners for Her Majesty’s Revenue and Customs; ” .

4. In regulation 4( 4 )—

(a) in paragraph (2)—

(i) for “2005-06 and £5,000 for subsequent years” substitute “2009-10”;

(ii) for “the years 1999-00 to 2005-06, and £1,000 in subsequent years,” substitute “each year”;

(b) in both paragraphs (2A) and (2B), for “2005-06, and £1,000 in subsequent years” substitute “2009-10”;

(c) in paragraph (3)(a) for “2005-06 and £1,000 for subsequent years” substitute “2009-10”.

5. In regulation 7( 5 )—

(a) in paragraph (2)(a) for the words from “, issued” to the end substitute—

“ (i) issued by a company wherever incorporated,

(ii) subject to paragraph (3), officially listed on a recognised stock exchange, and

(iii) in circumstances where the shares in question satisfy the condition specified in paragraph (15), or were held under the component on 6th October 2005; ” ;

(b) for paragraph (2)(b)(ii) substitute—

“ (ii) where the securities in question satisfy—

(a) at least one of the conditions specified in paragraph (5),

(b) the condition specified in paragraph (6), and

(c) the condition specified in paragraph (15), or the condition that they were held under the component on 6th October 2005, and ” ;

(c) in paragraph (14) after “sub-paragraphs” insert “(a), (b),”.

6. In regulation 8(2)(g)( 6 )—

(a) after “sub-paragraphs” insert “(a), (b),”;

(b) after “units” insert “, securities”.

7. In regulation 31( 7 )—

(a) in paragraph (4)(a) after paragraph (ii) insert—

“ (iia) government securities falling within regulation 7(2)(c), (ca) or (cb); ” ;

(b) in paragraph (4)(b) omit paragraph (ii);

(c) in paragraph (7)(b) at the end insert—

“ (iii) invested in policies (within the meaning in regulation 9(1)) under stocks and shares components; and

(iv) invested in policies (within that meaning) under cash components. ”