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The Individual Savings Account Regulations 1998

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  1. Introductory Text

  2. 1. Citation and commencement

  3. 2. Interpretation

  4. 2A.Meaning of account investor

  5. 2B.Meaning of junior ISA account

  6. 2C.Meaning of “registered contact” etc.

  7. 2D.Regulations that do not apply to junior ISA accounts

  8. 2E.Contracts entered into by or on behalf of a child who is 16 or over

  9. 2F.Special provision in respect of Looked After Children

  10. 2G.Continuing account of a deceased investor and administration-period investments

  11. 3. Introductory

  12. 4. General conditions for accounts and subscriptions to accounts

  13. 4ZA.Subscriptions to an account other than a junior ISA account

  14. 4ZB.Subscriptions to a junior ISA account

  15. 4ZC.Inalienability of a junior ISA account

  16. 4ZD.Permitted withdrawals from a junior ISA account

  17. 4ZE.Permitted withdrawals from a junior ISA account where the named child is terminally ill

  18. 4A.Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts

  19. 4AA.Application of the repair provisions to Lifetime ISAs

  20. 4B.Closure of cash account that is not a junior ISA account prior to the opening of the same type of account to be disregarded once

  21. 4C.Removal of insurance components at 6th April 2005

  22. 4D.Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008

  23. 5A.Treatment of sums held in accounts managed by Icesave Bank

  24. 5B.Treatment of certain sums held in accounts managed by Keydata Investment Services Limited

  25. 5C.Treatment of certain sums held in dormant accounts

  26. 5D.Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB

  27. 5DA.Defaulted cash account subscription

  28. 5DAA.Defaulted Lifetime ISA subscription

  29. 5DB.Defaulted investment subscription

  30. 5DC.Default event in respect of cash account

  31. 5DD.Defaulted investment payment

  32. 5DDA.Additional permitted subscription to an account other than a junior ISA account

  33. 5DDB.Flexible account

  34. 5DDC.Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA

  35. 5DE.Additional permitted subscription to a junior ISA account

  36. 5DF.Information required by regulation 5D

  37. 5DFA.Declarations required by regulation 5D

  38. 5DFB.Notices required by regulation 5D

  39. 5DG.Single regulation 5D subscription

  40. 5DH.Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012

  41. 5DI.Special provision in respect of Lehman Brothers investments and Keydata investments

  42. 5DJ.Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment

  43. 5DK.Deemed defaulted investment payment in respect of a Lehman Brothers investment

  44. 5DL.Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment

  45. 5DM.Special application of regulations 5DJ to 5DL in respect of a Keydata investment

  46. 5E.Subscriptions made by account investors issued with certificates by Royal Bank of Scotland Group disregarded for the purposes of regulations 4ZA and 31(3)(c)(ii)

  47. 5. Transfers from matured tax-exempt special savings accounts

  48. 6. General investment rules

  49. 7. Qualifying investments for a stocks and shares component

  50. 8. Qualifying investments for a cash component

  51. 8ZA.Qualifying investments for a Lifetime ISA component

  52. 8A.Qualifying investments for an innovative finance component

  53. 9.Insurance policies

  54. 10. Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA

  55. 10A.Lifetime ISA qualifying individuals who may invest under a Lifetime ISA

  56. 11. Account investor ceasing to qualify

  57. 12.Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA

  58. 12A.Conditions for application to open an account that is a junior ISA account

  59. 12B.Conditions for application to open an account that is a Lifetime ISA

  60. 13. Application by curator bonis

  61. 14. Account manager—qualifications and Board’s approval

  62. 15. Special requirements relating to insurer-managers

  63. 16. Account manager—appointment of tax representative

  64. 17. Account manager—withdrawal by Board of approval

  65. 18. Account manager—appeal against withdrawal of Board’s approval

  66. 19.Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager

  67. 20. Account manager ceasing to qualify

  68. 21.Transfers relating accounts other than junior ISA accounts

  69. 21A.Further requirements relating to transfers between cash accounts

  70. 21B.Transfers relating to junior ISA accounts

  71. 21C.Repair of invalid junior ISA accounts

  72. 22. Exemption from tax of account income and gains

  73. 23. Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account

  74. 24. Tax liabilities and reliefs—account manager to act on behalf of account investor

  75. 25. Repayments in respect of tax to account manager—interim claims

  76. 26. Repayments in respect of tax to account manager—annual returns and annual claims

  77. 27. Account manager’s returns and claims—supplementary provisions

  78. 28. Assessments for withdrawing relief and recovering tax

  79. 29. Records to be kept by account manager

  80. 30. Information to be given to account investor by account manager in relation to an account that is not a junior ISA account

  81. 31. Returns of information by account manager

  82. 32. Information to be provided to the Board

  83. 33. Inspection of records by officer of the Board

  84. 34. Capital gains tax—adaptation of enactments

  85. 34A.Capital gains tax–administration-period investment

  86. 35. Administration of tax in relation to accounts—supplementary

  87. 36.Application of the provisions of Chapter II of Part XIII of the Taxes Act and of Chapter 9 of Part 4 of ITTOIA 2005 to policies where an investor ceases to be or was not entitled to relief from tax

  88. 37.The Schedule makes further provision for Lifetime ISA.

  89. Signature

    1. SCHEDULE

      LIFETIME ISA FURTHER PROVISION

      1. 1.Interpretation

      2. 2.Government bonus claim

      3. 3.Rejection of government bonus claim

      4. 4.Specified age; terminal illness; transfer to another Lifetime ISA-no withdrawal charge

      5. 5.Specified percentage for withdrawal charge

      6. 6.First-time residential purchase

      7. 7.Definitions for the purposes of paragraph 6

      8. 8.Specified information for the purposes of paragraph 6

      9. 9.Information from conveyancer

      10. 10.Purchase failure

      11. 11.Amounts not treated as withdrawals

      12. 12.Recoupment of government bonus payment

      13. 13.Withdrawals: information returns

      14. 14.Payment to the Board of withdrawal charges

      15. 15.Payments and Interest

      16. 16.Appeals

      17. 17.Information to be given by account manager to account investor

      18. 18.Extensions

  91. Explanatory Note

Yn ôl i’r brig

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