Statutory Instruments
2015 No. 941
Income Tax
Capital Gains Tax
The Individual Savings Account (Amendment No. 3) Regulations 2015
Made
26th March 2015
Laid before the House of Commons
27th March 2015
Coming into force
6th April 2015
Citation and commencement
1. These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2015 and come into force on 6th April 2015.
Amendment of the Individual Savings Account Regulations 1998
2.The Individual Savings Account Regulations 1998( 3 ) are amended as follows.
3. After regulation 5D(2), insert—
“ (3) A subscription to an account held by an account investor is made in accordance with this regulation if it comprises a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004 ( 4 ) . ” .
4. —(1) In regulation 12A(1), after the fourth use of “account”, insert “or by the holder of a junior ISA account arising from a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004, or if the application is preliminary to such a transfer”.
(2) In regulation 12A(2), for “An eligible”, substitute “A”.
(3) After regulation 12A(3), insert—
“ (3A) Except in the case of an account that will be held by an eligible child as mentioned in paragraph (1), the word “eligible” in paragraphs (4), (6), (7)(g), (h) and (i) and (8) must be disregarded. ” .
(4) In regulation 12A(7)(c), after “2004” insert “(but this is not required if the person who will hold the account is already the holder of a junior ISA account arising from a transfer mentioned in paragraph (1), or if the application is preliminary to such a transfer)”.
(5) In regulation 12A(7)(d)(i), after “Kingdom” insert “(but this is not required if the application is preliminary to a transfer mentioned in paragraph (1))”.
5. In regulation 21(4B), omit “including regulation 31(1)(c)”.
6. —(1) After regulation 21B(2), insert—
“ (2A) Anything transferred to the account as part of the transfer mentioned in regulation 12A(1) is treated as previous years’ subscriptions for the purposes of this regulation. ” .
(2) Omit regulation 21B(8B) to (8G).
(3) In regulation 21B(8H), omit “as described in paragraph (8B)(a)”.
7. In regulation 21B(11)(a)(iv), after “(if any)” and in regulation 31(3)(a)(iv), after “number”, insert “(otherwise, any unique reference number he may have had as mentioned in the Child Trust Funds Regulations 2004)”.
David Evennett
Gavin Barwell
Two of the Lords Commissioners of Her Majesty’s Treasury
26th March 2015
2005 c. 5 ; sections 694, 699 and 701 were amended by section 40 of the Finance Act 2011 (c. 11) , sections 695 and 698 were amended by paragraphs 131 and 132 of Schedule 4 to the Commissioners of Revenue and Customs Act 2005 (c. 11) , section 695A was inserted by section 40 of the Finance Act 2008 (c. 9) .
1992 c. 12 ; section 151 was amended by section 85 of the Finance Act 1993 (c. 34) , section 64(2) of the Finance Act 1995 (c. 4) , paragraph 436 of Schedule 1 to the Income Tax (Taxation of Other Income) Act 2005 and section 40(7) of the Finance Act 2011.
S.I. 1998/1870 ; relevant amending instruments are S.I. 2007/2119 , 2011/1780 , 2012/1871 , 2013/605 , 2013/1743 , 2014/1450 .
S.I. 2004/1450 , amended by S.I. 2015/876 ; there are other amending instruments but none is relevant.
Regulation 4(2) and (3) simplifies the process of bulk transfers of junior ISAs.