Statutory Instruments

2019 No. 382

Income Tax

Capital Gains Tax

The Individual Savings Account (Amendment) Regulations 2019

Made

26th February 2019

Laid before the House of Commons

28th February 2019

Coming into force

6th April 2019

The Treasury, in exercise of the powers conferred by section 151(1) and (2) of the Taxation of Chargeable Gains Act 1992(1) and section 694(1) and (3) of the Income Tax (Trading and Other Income) Act 2005(2), makes the following Regulations.

Citation and commencement

1. These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2019 and come into force on 6th April 2019.

Amendment of the Individual Savings Account Regulations 1998

2. The Individual Savings Account Regulations 1998(3) are amended as follows.

3. In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,260” substitute “£4,368”.

Mike Freer

Craig Whittaker

Two of the Lord Commissioners of Her Majesty’s Treasury

26th February 2019

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account Regulation 1998 (S.I. 1998/1870). They provide for the annual limit on subscriptions to a junior ISA account to be increased from £4,260 to £4,368 (regulation 3).

A Tax Information and Impact Note will be published on the HM Government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.

(1)

1992 c. 12. Section 151(2) was amended by paragraph 436 of Schedule 1 to the Income Tax (Trading and other Income) Act 2005 (c. 5), section 40(6) of the Finance Act 2011 (c. 11) and section 27(2) of the Finance Act 2016 (c. 24).

(2)

2005 c. 5.

(3)

S.I. 1998/1870. Regulation 4ZB(1) was last amended by S.I. 2018/359.