The Individual Savings Account (Amendment) (No. 2) Regulations 2024
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3 Amendment of regulation 4
In regulation 4 (general conditions for accounts and subscriptions to accounts), in paragraph (6)— (a) after sub-paragraph (a), insert— (aa) where the account investments are fractional interests, that— (i) the requirement under sub-paragraph (a) applies in relation to the beneficial ownership of the whole share in which the account investor holds a fractional interest, and (ii) the beneficial interest held by the account investor shall be in proportion to the fractional interest in the whole share; ; (b) in sub-paragraph (b), after “except in relation to” insert “a fractional interest,”; (c) after sub-paragraph (b) insert— (ba) that fractional interests are treated as meeting the requirements of sub-paragraph (b)(i) or (ia) if (and only if) the title to the whole share in which the account investor holds a fractional interest meets the requirements of those paragraphs; ; (d) in sub-paragraph (d), after “stocks and shares component” insert “(excluding an investment in fractional interests)”; and (e) after sub-paragraph (d) insert— (da) that, in relation to investments in fractional interests, where the account investor holds more than one fractional interest in relation to the same investment, the aggregated value of which amounts to at least one whole share (“aggregated whole share”)— (i) the obligations under sub-paragraph (d) apply to the manager in relation to the account investor who holds such an aggregated whole share, and (ii) the aggregated whole share is subject to the requirements in sub-paragraph (b); .
3 Amendment of regulation 4
In regulation 4 (general conditions for accounts and subscriptions to accounts), in paragraph (6)— (a) after sub-paragraph (a), insert— (aa) where the account investments are fractional interests, that— (i) the requirement under sub-paragraph (a) applies in relation to the beneficial ownership of the whole share in which the account investor holds a fractional interest, and (ii) the beneficial interest held by the account investor shall be in proportion to the fractional interest in the whole share; ; (b) in sub-paragraph (b), after “except in relation to” insert “a fractional interest,”; (c) after sub-paragraph (b) insert— (ba) that fractional interests are treated as meeting the requirements of sub-paragraph (b)(i) or (ia) if (and only if) the title to the whole share in which the account investor holds a fractional interest meets the requirements of those paragraphs; ; (d) in sub-paragraph (d), after “stocks and shares component” insert “(excluding an investment in fractional interests)”; and (e) after sub-paragraph (d) insert— (da) that, in relation to investments in fractional interests, where the account investor holds more than one fractional interest in relation to the same investment, the aggregated value of which amounts to at least one whole share (“aggregated whole share”)— (i) the obligations under sub-paragraph (d) apply to the manager in relation to the account investor who holds such an aggregated whole share, and (ii) the aggregated whole share is subject to the requirements in sub-paragraph (b); .
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