Citation and commencement

1. These Regulations may be cited as the Individual Savings Account (Amendment No. 4) Regulations 2015 and come into force on 1st July 2015.

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) (interpretation)—

(a) in the definition of “company”—

(i) at the end of paragraph (i) insert “or”;

(ii) for the comma at the end of paragraph (ii), substitute a semicolon;

(iii) omit sub-paragraphs (iii) and (iv);

(b) omit the definition of “industrial and provident society”.

4. In regulation 7 (qualifying investment for stocks and shares component)—

(a) in paragraph (2)—

(i) at the end of sub-paragraph (b)(i) insert “and”;

(ii) at the end of sub-paragraph (b)(ii) for “and” substitute a full stop;

(iii) omit sub-paragraph (b)(iii);

(iv) in sub-paragraph (d) omit “, in circumstances where the trust satisfies the conditions specified in paragraph (8)”;

(v) omit paragraph (8).

(b) in paragraph (5) at the end of sub-paragraph (c) for the full stop substitute a semicolon and, after that sub-paragraph, insert—

“ (d) that the shares in the company issuing the securities are admitted to trading on a recognised stock exchange in the European Economic Area;

(e) that the securities are so admitted to trading;

(f) that the company issuing the securities is a 75% subsidiary of a company whose shares are so admitted to trading. ”

5. In regulation 31(4)(a) (returns of information by account manager)—

(a) at the end of sub-paragraph (ii) insert “listed on the official list of a recognised stock exchange”;

(b) after sub-paragraph (ii) insert—

“ (iiaa) qualifying securities admitted to trading on a recognised stock exchange in an EEA State, ” .