This Statutory Instrument has been made in consequence of a defect in S.I. 2004/2996 and is being issued free of charge to all known recipients of that Statutory Instrument
Statutory Instruments
2005 No. 609
INCOME TAX
The Individual Savings Account (Amendment) Regulations 2005
Made
9th March 2005
Laid before the House of Commons
10th March 2005
Coming into force
6th April 2005
Citation and commencement
1. These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2005 and shall come into force on 6th April 2005.
Amendment of the Individual Savings Account Regulations 1998
2.The Individual Savings Account Regulations 1998( 3 ) are amended as follows.
3. For regulation 4C(3)(a)( 4 ) substitute—
“ (a) the condition in regulation 7(15) shall be applied to those policies on 6th April 2005, modified as if for “the date” to “five years” there were substituted “6th April 2005”; ” .
4. In regulation 7(15)( 5 )—
(a) for “during the” to “time when” substitute “at the date on which the qualifying investments in question become held in the account, and at any later time (if any) which has elapsed during the succeeding five years”;
(b) for “had” substitute “do not have”;
(c) for “was not” substitute “is not”.
Joan Ryan
Nick Ainger
Two of the Lords Commissioners of Her Majesty’s Treasury
9th March 2005
1988 c. 1 ; section 333 was amended by section 70 of the Finance Act 1991 (c. 31) and by sections 75 and 123(7) of, and Part 3(15) of Schedule 27 to, the Finance Act 1998 (c. 36) .
1992 c. 12 ; section 151 was amended by section 85 of the Finance Act 1993 (c. 34) , by section 64(2) of the Finance Act 1995 (c. 4) and by section 75(6) of the Finance Act 1998, and was extended by section 123(7) of the Finance Act 1998.
S.I. 1998/1870 ; relevantly amended by S.I. 2003/2747 and 2004/2996 .
Regulation 4C was inserted by regulation 6 of S.I. 2004/2996 .
Regulation 7(15) was added by regulation 6 of S.I. 2003/2747 .