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The Individual Savings Account Regulations 1998

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Returns of information by account managerU.K.

31.—(1) An account manager shall within 60 days after the end of each year (beginning with the year 1999—00) in which he acts as an account manager, and after ceasing to act or to qualify as an account manager, deliver to the Board a return for that year, or for the part of that year in which he so acted or qualified, which contains the information specified in [F1paragraphs (3), (4), (5), (7) and (7A)], and is accompanied by a certificate as to the contents of the return, in the form prescribed by the Board, signed by the account manager or on his behalf.

F2(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The information specified in this paragraph is information relating to each account, in respect of which he acted as account manager, in the year or the part of the year for which the return is made, other than accounts transferred to another account manager under Regulation 21(2) in that year or part of a year, as to—

(a)as regards the account investor—

(i)his full name,

(ii)the address of his permanent residence, including postcode,

(iii)his date of birth, and

(iv)if he has one, his national insurance number [F3(otherwise, any unique reference number he may have had as mentioned in the Child Trust Funds Regulations 2004)];

(b)as regards each such account—

(i)the number allocated to the account by the account manager, and

(ii)[F4in relation to a cash account or stocks and shares account,] the market value of the account investments held under [F5the] component of the account, F6...the value of each account investment being determined either as at 5th April in that year, or any other valuation date in that year, not falling earlier than 5th October, and

(c)as regards each such [F7account] F8...—

(i)whether the account is a [F9cash account [F10, a stocks and shares account or an innovative finance account]],

[F11(ia)whether the account was a junior ISA account at any time in the year or part of the year for which the return is made,]

[F12(ib)whether the account is a flexible account,]

[F13(ii)[F14subject to [F15paragraphs (3A) and (3AB)(a)],] the total amount[F16, disregarding a subscription made in accordance with regulation 5D,] subscribed to the account, in the year or the part of the year for which the return is made;]

[F17(iia)in place of the provision in paragraph (ii) in the case of a flexible account, in the year or part of the year for which the return is made, disregarding a subscription made in accordance with regulation 5D (except for a replacement subscription), the total amount subscribed to the account less the amount of any cash withdrawn from it and if the result is in the negative, the amount to be reported is nil,]

(iii)[F18subject to [F19paragraphs (3AB)(b) and (3B)],] the date on which the first subscription[F20, if any,] (being either cashF21... or shares pursuant to regulation 7(2)(h)) was made to the account, in the year or the part of the year for which the return is made, F22...

(iv)the aggregate market value at the date of transfer of any shares transferred to the account manager or his nominee in accordance with regulation 7(2)(h) in the year or the part of the year for which the return is made F23... [F24and]

[F25(v)[F26subject to paragraph (3C),] the date when any such [F27cash] account was closed, where that occurred during the year or the part of the year for which the return was made[F28.]F29...

F30(vi). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .[F31; and

(d)in relation to an innovative finance account comprising investments of the kind specified at regulation 8A(2)(a), the aggregate of the amounts set out at sub-paragraphs (i) and (ii) —

(i)the outstanding principal balance as at 5th April in that year, or the date on which an account manager ceases to act or qualify as an account manager, under those article 36H agreements in respect of which payments are due to be made to the account manager; and

(ii)the amount of cash held in the account as at 5th April in that year, or the date on which an account manager ceases to act or qualify as an account manager; and]

[F32(3A) Where a subscription is made to an account that ceases to be a junior ISA account in the year or part of the year for which the return is made, the return must show, as separate amounts, the total amount of cash subscribed to the account at times—

(a)when the account is a junior ISA account; and

(b)when the account is not a junior ISA account.

[F33(3AB) Where a defaulted cash account subscription in accordance with regulation 5D (subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA and 4ZB) is made to an account in the year or part of the year for which a return required by this regulation is made—

(a)the amount of subscriptions reported to an account manager in accordance with regulation 5DF(1)(a)(ii) (current year’s subscriptions made to the defaulted cash account) must be included as part of the total amount of cash subscribed to the account required by paragraph (3)(c)(ii);

(b)paragraph (3)(c)(iii) must be construed as requiring (in addition to the information specified in that paragraph) the date reported to the account manager in accordance with regulation 5DF(1)(a)(iii).]

(3B) In relation to an account that is a junior ISA account, the information described in paragraph (3)(c)(iii) shall only be provided in the return for the year or part of the year in which the application to open the account in accordance with regulation 12A is made.

(3C) The information provided in accordance with paragraph (3)(c)(v) must not include information relating to an account that was a junior ISA account immediately before it was closed.]

(4) [F34Subject to paragraph (5), the] information specified in this paragraph is—

(a)the respective market values at the end of the year or the part of the year for which the return is made of account investments held under stocks and shares components, by him or a nominee for him on behalf of account investors, under all the accounts in respect of which he acted as account manager in that year or part, with separate values for—

(i)shares, not being shares in an investment trust or in a [F35UK UCITS, recognised UCITS or non-UCITS retail scheme], [F36officially listed on a recognised stock exchange;]

[F37(ia)such shares admitted to trading on a recognised stock exchange in an EEA State,]

(ii)qualifying securities [F38listed on the official list of a recognised stock exchange],

[F39(iiaa)qualifying securities admitted to trading on a recognised stock exchange in an EEA State,]

[F40(iia)government securities falling within regulation 7(2)(c), (ca) or (cb);]

(iii)shares in investment trusts,

[F41(iv)units in an authorised unit trust,]

(v)units in, or shares of, a [F42recognised UCITS, or non-UCITS retail scheme (constituted outside the United Kingdom)],

[F43(vi)shares in an open-ended investment company,]

[F44(via)the surrender value of life insurance policiesF45...,]

(vii)cash, including cash represented in share accounts with building societies,

[F46with depositary interests being included in the paragraph to which their relevant investments (referred to in paragraphs (a) and (b) of the definition of “depositary interest”) relate];

[F47(b)the respective market values at the end of the year or the part of the year for which the return is made of account investments held under cash components, by him or a nominee for him on behalf of account investors, under all the accounts in respect of which he acted as account manager in that year or part, with separate values for—

(i)cash, including cash represented in share accounts with building societies, [F48and]

(ii)[F49investments other than those specified in paragraph (i); and]]

(c)the aggregate market value at that date of all such account investments held by him or his nominee [F50; and]

[F51(d)the amount at the end of the year or part of the year for which the return is made of account investments held under innovative finance components, by him or a nominee for him on behalf of account investors, under all the accounts in respect of which he acted as account manager in that year or part of a year, with separate values for—

(i)cash, and

(ii)the outstanding principal balance under those article 36H agreements in respect of which payments are due to be made to the account manager.]

(5) [F52Paragraph (4) shall apply to policies of life insurance falling within regulation 9] with the omission of the words “by him or a nominee for him on behalf of account investors," with references to the market value of account investments, in the case of policies of life insurance, being replaced with references to the surrender value of such policies, and as if separate valuations were required of such policiesF53....

F54(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) [F55The information specified in this paragraph is information relating to all accounts to which subscriptions were made in the year or part of the year, in respect of which he was acting as account manager immediately before the end of the year or part of the year for which the return is made, or in the case of an account that was closed during the year, in respect of which he was acting as manager at the date the account was closed, as to]—

(a)the total number of accounts to which subscriptions were made, with separate figures for—

[F56(i)cash accounts holding policies of life insurance falling within regulation 9,]

[F56(ii)all cash accounts,]

[F56(iii)stocks and shares accounts holding policies of life insurance falling within regulation 9, and

(iv)all stocks and shares accounts,]

[F57(v)accounts receiving subscriptions made in accordance with regulation 5D(2)(a)(iv); and]

[F58(vi)all innovative finance accounts; and]

(b)the total amount of F59...subscriptions made in the [F60year or part of the year] [F61, disregarding a subscription made in accordance with regulation 5D,] —

(i)to stocks and shares components of accounts;

(ii)to cash components of accounts; F62...

[F63(iia)in respect of subscriptions made in accordance with regulation 5(D)(2)(a)(iv);]

[F64(iib)to innovative finance components of accounts;]

F62(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F65(iii)invested in policies (within the meaning in regulation 9(1)) under stocks and shares components; and

(iv)invested in policies (within that meaning) under cash components.]

[F66[F67In relation to this paragraph (7), in the case] of a flexible account, in the year or part of the year for which the return is made, there is to be disregarded, in respect of each account, a subscription made in accordance with regulation 5D (except for a replacement subscription) and there is to be deducted from the total amount subscribed the amount of any cash withdrawn from the account and if the result is in the negative, the amount to be reported is nil.]

[F68(7A) The information specified in this paragraph is information relating to all accounts in respect of which the account manager was acting as account manager immediately before the end of the year or part of the year for which the return is made that were junior ISA accounts at the end of the period covered by the return (whether or not a subscription was made to the account during that period) with separate figures for cash accounts and stocks and shares accounts.]

(8) No claim for repayment, or repayment, may be made under regulations 25 and 26 until the returns which have become due under this regulation have been duly made by the account manager and received by the Board.]

Textual Amendments

F6Words in reg. 31(3)(b)(ii) omitted (6.4.2014) by virtue of The Individual Savings Account (Amendment) Regulations 2014 (S.I. 2014/654), regs. 1(1), 12(a)

F17Reg. 31(3)(c)(iia) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 16(1)(d)

F21Words in reg. 31(3)(c)(ii) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 7(c)

F25Reg. 31(3)(c)(v) and preceding word added (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 7(d)

F34Words in reg. 31(4) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 18(a)

F49Reg. 31(4)(b)(ii) substituted for reg. 31(4)(b)(ii)(iii) (1.7.2014) by The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 25(c)

F52Words in reg. 31(5) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 18(b)(i)

F53Words in reg. 31(5) 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), 18(b)(ii)

F56Reg. 31(7)(a)(i)-(iv) substituted for reg. 31(7)(a)(i)-(iii) (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 21

F62Reg. 31(7)(b)(iii) and preceding word 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), 19

F66Words in reg. 31(7)(b) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 16(2)(c)

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