Section 704 | Types of arrangements and providers

(1)A linked savings arrangement may be—

(a)a national savings arrangement, or

(b)an institutional arrangement.

(2)In this Chapter “national savings arrangement” means an arrangement which—

(a)provides for contributions to be paid to raise money under section 12 of the National Loans Act 1968 (c. 13) (power of Treasury to borrow),

(b)is governed by regulations made under section 11 of the National Debt Act 1972 (c. 65) (power of Treasury to make regulations as to raising of money under auspices of Director of Savings), and

(c)provides for the repayment of those contributions, together with interest, in accordance with those regulations.

(3)In this Chapter “institutional arrangement” means—

(a)a bank arrangement, or^F1

(b)a building society arrangement ...^F2

(c)Repealed^F3

(4)In this Chapter—

(a)“bank arrangement” means an arrangement which provides for contributions to be paid to a person within section 991(2)(b) of ITA 2007 (banks), and^F4

(b)“provider”, in relation to such an arrangement, means that person.

(5)In this Chapter—

(a)“building society arrangement” means an arrangement which provides for contributions to be paid by way of investment in shares in a building society, and

(b)“provider”, in relation to such an arrangement, means that society.

(6)Repealed^F5