Statutory Instruments
2011 No. 782
Income Tax
Capital Gains Tax
The Individual Savings Account (Amendment) Regulations 2011
Made
15th March 2011
Laid before the House of Commons
16th March 2011
Coming into force
6th April 2011
Citation, commencement and effect
1. These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2011 and shall come into force on 6th April 2011.
2. These Regulations have effect for the tax year 2011-2012 and all subsequent tax years.
Amendments to the Individual Savings Account Regulations 1998
3.The Individual Savings Account Regulations 1998( 3 ) are amended as follows.
4. For regulations 4(2) and (3) (general conditions for accounts and subscriptions to accounts) substitute—
“ (2) The overall subscription limit for any qualifying individual for any year (that is the aggregate of the qualifying individual’s subscriptions to all accounts in that year) is—
(a) where the qualifying individual is 16 years of age or over but less than 18 years of age at the end of the year, £5,340; and
(b) in all other cases, £10,680, but subject to paragraph (3).
(3) Where the qualifying individual is 18 years of age or over at the end of the year, the qualifying individual may only invest up to 50 per cent of the overall subscription limit specified in paragraph (2)(b) in any year to a cash account. ” .
5. Omit regulation 4(4) (general conditions for accounts and subscriptions to accounts).
Angela Watkinson
Brooks Newmark
Two of the Lords Commissioners for Her Majesty’s Treasury
15th March 2011
1992 c.12 ; section 151(2) was substituted by paragraph 436 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5) and section 151(4) was inserted by section 85 of the Finance Act 1993 (c. 34) .
S.I. 1998/1870 ; relevant amending instruments are S.I. 2007/2119 and S.I. 2009/1550 .