A qualifying account is one which is either:

a stocks and shares account;

a cash account;

an innovative finance account; or

a Lifetime ISA.

The account cannot contain a mixture of cash, stocks and shares, innovative finance or Lifetime ISA components (SI 1998/1870, reg. 4(1A)).

The account must be managed in accordance with the ISA regulations by an ISA manager (see ¶318-000) under terms agreed between the manager and the account investor (SI 1998/1870, reg. 4(5)). There are certain terms that must be included (reg. 4(6)). These are as follows:

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