The following accounts or products are not to be treated as financial accounts, these accounts will not therefore be subject to the due diligence procedures and are not Reportable Accounts:
- Individual Savings Accounts (ISAs) as defined in the Individual Savings Account Regulations 1998 (SI 1998 No.1870) and subsequent Amendment Regulations.
- Junior ISAs as defined in SI 1998 No.1870, and subsequent Amendment Regulations.
- Child Trust Funds as defined in the Child Trust Funds Act 2004 and subsequent Amendment Regulations.
- Premium Bonds where issued by NS&I (UK National Savings and Investments).
- Children’s Bonus Bonds where issued by NS&I (UK National Savings and Investments).
- Fixed Interest Savings Certificates where issued by NS&I (UK National Savings and Investments).
- Index Linked Savings Certificates where issued by NS&I (UK National Savings and Investments).
- Tax Exempt Savings Plans where issued by a Friendly Society within the meaning of the Friendly Societies Act 1992 (c. 40).
- Share Incentive Plans – as regulated under Part 1 Schedule 8 FA 2014*.
- Save As You Earn Share Option Schemes as regulated under Part 2 Schedule 8 FA 2014*.
- Company Share Option Plans as regulated under Part 3 Schedule 8 FA 2014*.
- Immediate Needs Annuities – qualifying as such under Section 725 Income Tax (Trading and Other Income) Act 2005.
- Holdings in Venture Capital Trusts – where approved as such by HMRC under Chapter 3 Income Tax Act 2007.
*The Share Option Schemes and Profit Sharing Schemes approved by HMRC under Schedule 9 Income and Corporation Taxes Act 1988 and the approved schemes in the Income Tax (Earnings and Pensions) Act 2003, which subsumed the earlier legislation, have been replaced by the Employee Share Schemes legislation in Schedule 8 Finance Act 2014. Schemes approved under the earlier legislation are also regarded as excluded products.