- Y Diweddaraf sydd Ar Gael (Diwygiedig)
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The Individual Savings Account Regulations 1998
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- Offerynnau Statudol y Deyrnas Unedig
- 1998 No. 1870
- Regulation 2G
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- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
- Dangos Llinell Amser Newidiadau
Rhagor o Adnoddau
Changes over time for: Section 2G
Version Superseded: 06/04/2024
Alternative versions:
- 06/04/2018- Amendment
- 06/04/2018
Point in time - 06/04/2024- Amendment
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Point in time view as at 06/04/2018. This version of this provision has been superseded.
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[F1Continuing account of a deceased investor and administration-period investmentsU.K.
2G.—(1) This regulation applies to an account, other than a junior ISA account, when the account investor has died (“continuing account of a deceased investor”).
(2) Investments held in such an account are to be administration–period investments as a result of section 694A(4) or (5) of ITTOIA 2005 for the period beginning on the death of the account investor and ending on the earlier of—
(a)the completion of the administration of the deceased’s estate,
(b)the day falling on the third anniversary of the death, or
(c)the closure of the account within the meaning of regulation 4B(3)(a).
(3) A continuing account of a deceased investor is to cease to be such an account at the end of the period referred to in paragraph (2).
(4) Notwithstanding any other provision of these Regulations—
(a)no subscription or qualifying addition is to be made to a continuing account of a deceased investor, and
(b)no transfer is to be made of a continuing account of a deceased investor otherwise than a transfer when regulation 17, 19 or 20 applies.
(5) In relation to a continuing account of a deceased investor, wherever the following expressions occur in these Regulations—
(a)“investments”, “account investments”, “qualifying investments”, “investments under an account”, or any other description of an account investment, includes administration-period investments,
(b)“account investor”, “applicant”, or any other description of an account investor, includes any person within the description of section 694A(2) of ITTOIA 2005 and, in the case of regulations 22 and 36(3), also any person referred to in section 694A(1) of that Act, and
(c)“account”, “Lifetime ISA”, or any reference to a scheme of investment, includes a continuing account of a deceased investor, notwithstanding that no subscription or qualifying addition can be made to it.
(6) In relation to a continuing account of a deceased investor—
(a)regulations 4(6)(a) and (f) (except in relation to a transfer when regulation 17, 19 or 20 applies), 12(3)(f) and (6)(a) and 12B(8)(a) and (c) do not apply,
(b)in regulation 7(2)(h)(iii), the phrase “but have remained in the beneficial ownership of the participant” is to be treated as omitted, [F2and]
(c)in regulation 21(4D), after “made on a transfer”, there is to be treated as inserted “and is a continuing account of a deceased investor”. F3...
F3(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]
Textual Amendments
F1Reg. 2G inserted (6.4.2018) by The Individual Savings Account (Amendment No. 3) Regulations 2017 (S.I. 2017/1089), regs. 1, 4
F2Word in reg. 2G(6) inserted (6.4.2018) by The Individual Savings Account (Amendment) Regulations 2018 (S.I. 2018/359), regs. 1, 3(a)
F3Words in reg. 2G(6) omitted (6.4.2018) by virtue of The Individual Savings Account (Amendment) Regulations 2018 (S.I. 2018/359), regs. 1, 3(b)
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