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The Individual Savings Account Regulations 1998

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Exemption from tax of account income and gainsU.K.

22.—(1) Subject to these Regulations—

(a)no tax shall be chargeable on the account manager or his nominee or on the account investor—

(i)in respect of interest, dividends, distributions or gains in respect of account investments [F1(excluding any building society bonus)], or

[F2(ia)in respect of alternative finance return or profit share return paid by a financial institution (within the meanings in Chapter 5 of Part 2 of the Finance Act 2005);][F3 or

(ib)in respect of a payment under a building society bonus scheme, so far as the payment is calculated by reference to account investments (and if paid directly by the society into the account, the payment shall not count towards the subscription limits in regulation 4(2) to (3)); or]

(ii)on any annual profits or gains treated [F4under Part 12 of ITA 2007 (accrued income profits)] as having been received by any of them in respect of account investments, or

(iii)on an offshore income gain to which a disposal made by any of them of an account investment gives rise, which is treated by section 761(1) of the Taxes Act M1 as constituting profits or gains, or

[F5(iv)on a profit on the disposal of a deeply discounted security within the meaning given by section 430 of ITTOIA 2005,] or

(v)in respect of gains treated [F6under Chapter 9 of Part 4 of ITTOIA 2005] as arising in connection with a policy of life insurance which is an account investmentF7...;

(b)losses in respect of account investments shall be disregarded for the purposes of capital gains tax;

[F8(ba)any gain or loss accruing on and attributable to a payment within paragraph (ib) of sub-paragraph (a) shall not be a chargeable gain or allowable loss for capital gains tax purposes;]

[F9(c)a deficiency arising in a tax year and falling within section 539(1) of ITTOIA 2005, so far as it relates to an account investment, shall not be allowable as a deduction from the total income of the account investor;]

(d)relief in respect of tax shall be given in the manner and to the extent provided by these Regulations; and

(e)interest on a cash deposit which is an account investment held under a cash component shall not[F10, except for the purposes of [F11section 629 of ITTOIA 2005],] be regarded as income for any income tax purposes.

(2) An account investor who, after subscribing to an account, at any time ceases to be resident in the United Kingdom, shall be treated as if he were resident in the United Kingdom for the purposes of determining his entitlement to, or to payment of, tax credits in respect of qualifying distributions, so far as they relate to account investments under an account held by him.

Textual Amendments

F3Reg. 22(1)(a)(ib) and preceding word inserted (1.1.2007) by The Individual Savings Account (Amendment) Regulations 2006 (S.I. 2006/3194), regs. 1, 4(b)

F7Words in reg. 22(1)(a)(v) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 15(a)

Marginal Citations

M1Section 761 was amended by paragraphs 1 and 11 of Schedule 14 to the Finance Act 1990 (c.29), and section 290 of, and paragraph 14 of Schedule 10 to, the Taxation of Chargeable Gains Act 1992 (c.12).

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