4ZB.—(1) Any person may subscribe to a junior ISA account provided the overall amount subscribed by that person and any other person for any year in respect of the same named child does not exceed £3,600.
(2) An amount paid to a junior ISA account in excess of the amount mentioned in paragraph (1) is not an amount subscribed to a junior ISA account and must not be held in that account.
(3) A single subscription for an amount equal to the amount mentioned in paragraph (1) or any number of smaller amounts that, when aggregated, do not exceed the amount mentioned in paragraph (1), may be made in respect of the same named child—
(a)to a cash account held by that child,
(b)to a stocks and shares account held by that child, or
(c)in any proportion between such accounts.
(4) No subscription may be made to a cash account that is a junior ISA account held by a named child where—
(a)the balance in the account is less than one penny; and
(b)that child holds another cash account opened pursuant to a junior ISA application described in regulation 12A after the time when the account mentioned in sub-paragraph (a) was opened.
(5) No subscription may be made to a stocks and shares account that is a junior ISA account held by a named child where—
(a)the balance in the account is less than one penny; and
(b)that child holds another stocks and shares account opened pursuant to a junior ISA application described in regulation 12A after the time when the account mentioned in sub-paragraph (a) was opened.]
Textual Amendments
F1Regs. 4ZA-4ZE inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 8