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Commentary

E3.316 ISA—cash component

Personal and employment tax

Cash in a cash component of an ISA may be deposited in1:

  1. Ìý

    (a)ÌýÌýÌýÌý a deposit or share account with a building society

  2. Ìý

    (b)ÌýÌýÌýÌý a deposit account with a credit union

  3. Ìý

    (c)ÌýÌýÌýÌý a deposit account with a bank other than of a type within ITA 2007, s 991(2)(a), (d) or (e) (ie a person who has permission under FSMA 2000, ss 40–55 (Pt IV) to accept deposits, excluding building societies, friendly societies, credit unions and insurance companies; and an EEA firm of the kind mentioned in FSMA 2000, Sch 3 para 5(b) which has permission to accept deposits)

  4. Ìý

    (d)ÌýÌýÌýÌý prior to 6 April 2008, units in, or shares of, a money market scheme

  5. Ìý

    (e)ÌýÌýÌýÌý prior to 6 April 2008, units in, or shares of, a fund of funds scheme (that permitted investment only in units in, or shares of, money market schemes

  6. Ìý

    (f)ÌýÌýÌýÌý investment deposits with the National Savings Bank on terms that allow them to be held under a cash component of an ISA.

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