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The Individual Savings Account (Amendment) Regulations 2005
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- 2005 No. 609
- Explanatory Note
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Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870: “the main Regulations”). They correct a technical drafting defect in the Individual Savings Account Regulations (Amendment No. 2) Regulations 2004 (S.I. 2004/2996). Those Regulations applied the “5% test,” used to identify if investments are cash-like in form, in a modified form to investments held in an ISA insurance component on 6th April 2005, to determine whether those investments will be held in a stocks and shares component or cash component from that date.
These Regulations clarify the interaction between regulations 4C(3) and 7(15) of the main Regulations.
A Regulatory Impact Assessment has not been produced for these Regulations as it has no impact (exceeding the minimum threshold) on the costs of business.
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