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Statutory Instruments

2020 No. 506

Income Tax

Capital Gains Tax

The Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020

Made

13th May 2020

Laid before the House of Commons

14th May 2020

Coming into force

4th June 2020

M1,M2,M3 The Treasury, in exercise of the powers conferred by section 151 of the Taxation of Chargeable Gains Act 1992 , sections 694, 695 and 701 of the Income Tax (Trading and Other Income) Act 2005 and paragraph 8 of Schedule 1 to the Savings (Government Contributions) Act 2017 , make the following Regulations.

Citation and commencement I1

1. These Regulations may be cited as the Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020 and come into force on 4th June 2020.

Amendment of the Individual Savings Account Regulations 1998 I2

M4 2. The Individual Savings Account Regulations 1998 are amended as follows.

I3

3. In the Schedule, after paragraph 5, insert—

“ 5A. Notwithstanding paragraph 5, the specified percentage in respect of the period beginning on 6th March 2020 and ending on 5th April 2021 is 20%. ” .

Maggie Throup

Iain Stewart

Two of the Lord Commissioners of Her Majesty's Treasury

13th May 2020

Status: There are currently no known outstanding effects for the The Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020.
The Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020 (2020/506)
Version from: 4 June 2020

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Status of this instrument

in force Provision is in force
in force* In force only for specified purposes (see footnote)
not in force Not in force in England (may be in force in other geographies, see footnotes)
defined term Defined term
dfn Defined term (alternative style)
footnote commentary transitional and savings in force status related provisions geo extent insert/omit source count in force adj
I1 Reg. 1 in force at 4.6.2020, see reg. 1
I2 Reg. 2 in force at 4.6.2020, see reg. 1
I3 Reg. 3 in force at 4.6.2020, see reg. 1
M1 1992 c. 12 . Section 151 was amended by section 85 of the Finance Act 1993 (c. 34) , paragraph 436 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005, section 40(6) of the Finance Act 2011(c. 11) and section 27(2) of the Finance Act 2016 (c. 24) .
M2 2005 c. 5 . Section 694 was amended by section 40(2) of the Finance Act 2011. Section 695 was amended by paragraph 132 of Schedule 4 to the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 701 was amended by section 40 of the Finance Act 2008 (c. 9) and section 40(5) of the Finance Act 2011.
M3 2017 c. 2 .
M4 S.I. 1998/1870 . The Schedule was inserted by S.I. 2017/466 .
Defined Term Section/Article ID Scope of Application

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The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.

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