The Individual Savings Account (Amendment) (No. 2) Regulations 2024
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Change 1
6 Amendment of regulation 7
(1) In paragraph (2)(a) of regulation 7 (qualifying investments for a stocks and shares component) before the word “shares” insert “subject to paragraphs (2B) and (2C),”. (2) In paragraph (2)(d), before “shares” insert “and subject to paragraphs (2B) and (2C),”. (3) After paragraph (2)(g) insert— (ga) subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or a non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange; . (4) After paragraph (2)(q) insert— (r) an interest in a fraction of a share where the account investor holds the beneficial interest in a fraction that is less than one whole share under the terms which are contained in a contractual arrangement between the account investor and the account manager (“fractional interest”). . (5) After paragraph (2A) insert— (2B) An interest in a fraction of a qualifying investment falling within any of sub-paragraphs (a) to (ha) of paragraph (2) is not a qualifying interest for the stocks and shares component unless it is a fractional interest within the meaning of sub-paragraph (r) of that paragraph. (2C) In sub-paragraph (r) of paragraph (2), “shares” means shares which are qualifying investments in accordance with sub-paragraphs (a), (d) or (ga) of that paragraph. . (6) In paragraph (3) for “(2)(a) or (d)” substitute “(2)(a), (d) or (ga)”.
6 Amendment of regulation 7
(1) In paragraph (2)(a) of regulation 7 (qualifying investments for a stocks and shares component) before the word “shares” insert “subject to paragraphs (2B) and (2C),”. (2) In paragraph (2)(d), before “shares” insert “and subject to paragraphs (2B) and (2C),”. (3) After paragraph (2)(g) insert— (ga) subject to paragraphs (2B) and (2C), shares of a UK UCITS, a recognised UCITS or a non-UCITS retail scheme that are listed on or admitted to trading on a recognised stock exchange; . (4) After paragraph (2)(q) insert— (r) an interest in a fraction of a share where the account investor holds the beneficial interest in a fraction that is less than one whole share under the terms which are contained in a contractual arrangement between the account investor and the account manager (“fractional interest”). . (5) After paragraph (2A) insert— (2B) An interest in a fraction of a qualifying investment falling within any of sub-paragraphs (a) to (ha) of paragraph (2) is not a qualifying interest for the stocks and shares component unless it is a fractional interest within the meaning of sub-paragraph (r) of that paragraph. (2C) In sub-paragraph (r) of paragraph (2), “shares” means shares which are qualifying investments in accordance with sub-paragraphs (a), (d) or (ga) of that paragraph. . (6) In paragraph (3) for “(2)(a) or (d)” substitute “(2)(a), (d) or (ga)”.
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