- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (26/07/2021)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 06/04/2024
Point in time view as at 26/07/2021. This version of this provision has been superseded.
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There are currently no known outstanding effects for the The Individual Savings Account Regulations 1998, Section 4A.
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4A.—(1) An invalid account is “eligible for repair” if, in relation to the year in which the subscriptions to the account were made (“the relevant year”), it satisfies—
[F3(a)both the First and Second Conditions below, or
(b)the Third Condition.
First Condition
The account is invalid because a subscription to the account causes the account investor to breach the conditions in [F4regulation 4(1B)(a)[F5, (b) or (ba)]] (which, taken together, allow an individual to subscribe to a single cash account[F6, a single stocks and shares account and a single innovative finance account], in a particular year) and for no other reason.
Second Condition
The account is (disregarding any account exempt from tax under regulation 4B) the earliest account in the relevant year, the subscriptions to which caused the account investor to breach the conditions in [F4regulation 4(1B)(a)[F7, (b) or (ba)]], as the case may be (that is, it was first subscribed to earlier in that year than any other such account).
Third Condition
The account is invalid because a subscription to the account breaches the overall subscription limit in [F8regulation [F94ZA(1)]], and for no other reason.]
(2) In this regulation—
(a)where an account investor subscribes to a particular account in more than one year, each year’s subscriptions shall be treated as a separate account for the purposes of this regulation, and regulation 4B (except for determining when an account is closed) only;
(b)“date of discovery” means the date on which an officer of the Board gives a notice (“notice of discovery”) to the account manager or account investor that the account is invalid, and (if appropriate) directions under paragraph (5) below;
F10(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(d)“valid account” means an account which (apart from under this regulation) is exempt from tax under regulation 22(I);
(e)“invalid account” means a scheme of investment which is not exempt from tax under these Regulations but which (if so exempt) would be an account, within the meaning in [F11regulation 4(1A)(a)] and, in relation to an invalid account, references to an account [F12and component] have corresponding meanings; and
(f)(for the avoidance of doubt) “repair” of an account is without prejudice to loss of, and accounting to the Board for, any relief from tax given for the period up to the date of discovery.
(3) An invalid account which is eligible for repair shall be treated as—
(a)exempt from tax under this regulation (as if under regulation 22), and
(b)complying with the conditions of regulation [F13regulation 4(1B)(a)[F14, (b) or (ba)], or 4ZA(1) F15... ], as the case may be,
as from the date of discovery, to the extent of the relevant proportion mentioned in paragraph (4)(b).
(4) [F16(a) Calculate the extent to which the subscriptions made (and counting towards the subscription [F17limit]) during the relevant year—
(i)to that account, any other account which is eligible for repair, and any valid account (but ignoring subscriptions to any closed account within the meaning in regulation 4B)) do not exceed,
(ii)the subscriptions [F18limit] in [F19regulation 4ZA(1)]F20... , and]
(b)an officer of the Board shall apportion that result between the accounts mentioned in sub-paragraph (a)(i), and the amount apportioned to the account mentioned in paragraph (3) is the relevant proportion.
(5) The account manager must comply within 30 days with any directions in the notice of discovery which—
(a)make the apportionment under paragraph (4)(b) and identify the account and component from which excess subscriptions or allocations (if any) are to be removed;
(b)direct the removal of subscriptions and proceeds representing them from an account; or
(c)direct the removal of subscriptions and proceeds representing them from a component.
[F21(6) For the purposes of this regulation, a subscription to an account that is a junior ISA account shall be disregarded.]
[F22(7) This regulation is subject to regulation 4AA.]]
Textual Amendments
F1Reg. 4A inserted (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 3
F2Reg. 4A heading substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(a)
F3Words in reg. 4A(1) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 7(b)
F4Words in reg. 4A(1) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(b)(i)
F5Words in reg. 4A(1) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 6(a)(i)
F6Words in reg. 4A(1) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 6(a)(ii)
F7Words in reg. 4A(1) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 6(b)
F8Words in reg. 4A(1) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(b)(ii)
F9Word in reg. 4A(1) substituted (1.7.2014) by The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 8(a)
F10Reg. 4A(2)(c) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 7(c)(i)
F11Words in reg. 4A(2)(e) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(c)
F12Words in reg. 4A(2)(e) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 7(c)(ii)
F13Words in reg. 4A(3)(b) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(d)
F14Words in reg. 4A(3)(b) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 6(c)
F15Words in reg. 4A(3)(b) omitted (1.7.2014) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 8(b)
F16Reg. 4A(4)(a) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 7(e)
F17Word in reg. 4A(4)(a) substituted (1.7.2014) by The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 8(c)(i)
F18Word in reg. 4A(4)(a)(ii) substituted (1.7.2014) by The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 8(c)(ii)
F19Words in reg. 4A(4)(a)(ii) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(e)
F20Words in reg. 4A(4)(a)(ii) omitted (1.7.2014) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 8(c)(ii)
F21Reg. 4A(6) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 9(f)
F22Reg. 4A(7) inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 8
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