The Individual Savings Account (Amendment) Regulations 2024
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Change 1
25 Amendment of the Schedule
In the Schedule (Lifetime ISA further provision)— (a) in paragraph 1 (interpretation)— (i) in sub-paragraph (1)— (aa) for the definition of “claim period” substitute— “claim period” means— a period beginning with the 6th day of a month and ending with the 5th day of the following month, or such period as may be specified from time to time under paragraph 2(1); ; (bb) in the definition of “qualifying addition” omit “or a payment under regulation 10A(4)(c)”; (ii) omit sub-paragraphs (2), (3) and (4); (b) in paragraph 2 (government bonus claim) omit sub-paragraph (11); (c) in paragraph 7 (definitions for the purposes of paragraph 6), after the definition of “a legal interest in land” insert— “loan” does not include a loan made by a person who is connected to the account investor, and for this purpose “connected” has the meaning given by section 993 of ITA 2007; ; (d) in paragraph 13 (withdrawals: information returns) omit sub-paragraph (5).
25 Amendment of the Schedule
In the Schedule (Lifetime ISA further provision)— (a) in paragraph 1 (interpretation)— (i) in sub-paragraph (1)— (aa) for the definition of “claim period” substitute— “claim period” means— a period beginning with the 6th day of a month and ending with the 5th day of the following month, or such period as may be specified from time to time under paragraph 2(1); ; (bb) in the definition of “qualifying addition” omit “or a payment under regulation 10A(4)(c)”; (ii) omit sub-paragraphs (2), (3) and (4); (b) in paragraph 2 (government bonus claim) omit sub-paragraph (11); (c) in paragraph 7 (definitions for the purposes of paragraph 6), after the definition of “a legal interest in land” insert— “loan” does not include a loan made by a person who is connected to the account investor, and for this purpose “connected” has the meaning given by section 993 of ITA 2007; ; (d) in paragraph 13 (withdrawals: information returns) omit sub-paragraph (5).
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