The Individual Savings Account Regulations 1998

1. Introductory Text

2. 1. Citation and commencement

3. 2. Interpretation

4. 2A. Meaning of account investor

5. 2B. Meaning of junior ISA account

6. 2C. Meaning of “registered contact” etc.

7. 2D. Regulations that do not apply to junior ISA accounts

8. 2E. Contracts entered into by or on behalf of a child who is 16 or over

9. 2F. Special provision in respect of Looked After Children

10. 2G. Continuing account of a deceased investor and administration-period investments

11. 3. Introductory

12. 4. General conditions for accounts and subscriptions to accounts

13. 4ZA. Subscriptions to an account other than a junior ISA account

14. 4ZB. Subscriptions to a junior ISA account

15. 4ZC. Inalienability of a junior ISA account

16. 4ZD. Permitted withdrawals from a junior ISA account

17. 4ZE. Permitted withdrawals from a junior ISA account where the named child is terminally ill

18. 4A. Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts

19. 4AA. Application of the repair provisions to Lifetime ISAs

20. 4B. Closure of cash account that is not a junior ISA account prior to the opening of the same type of account to be disregarded once

21. 4C. Removal of insurance components at 6th April 2005

22. 4D. Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008

23. 5A. Treatment of sums held in accounts managed by Icesave Bank

24. 5B. Treatment of certain sums held in accounts managed by Keydata Investment Services Limited

25. 5C. Treatment of certain sums held in dormant accounts

26. 5D. Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB

27. 5DZ. Treatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)

28. 5DZA. Treatment of ISA where funds transferred under regulation 13B(2)(b) of the Child Trust Funds Regulations (maturity of child trust fund - no instructions)

29. 5DA. Defaulted cash account subscription

30. 5DAA. Defaulted Lifetime ISA subscription

31. 5DB. Defaulted investment subscription

32. 5DC. Default event in respect of cash account

33. 5DD. Defaulted investment payment

34. 5DDA. Additional permitted subscription to an account other than a junior ISA account

35. 5DDB. Flexible account

36. 5DDC. Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA

37. 5DE. Additional permitted subscription to a junior ISA account

38. 5DF. Information required by regulation 5D

39. 5DFA. Declarations required by regulation 5D

40. 5DFB. Notices required by regulation 5D

41. 5DFC. (1) Where the deceased’s account manager receives a request from...

42. 5DFD. —Regulation 12(7) to (11), (12) and (13) applies in relation...

43. 5DG. Single regulation 5D subscription

44. 5DH. Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012

45. 5DI. Special provision in respect of Lehman Brothers investments and Keydata investments

46. 5DJ. Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment

47. 5DK. Deemed defaulted investment payment in respect of a Lehman Brothers investment

48. 5DL. Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment

49. 5DM. Special application of regulations 5DJ to 5DL in respect of a Keydata investment

50. 5E. Subscriptions made by account investors issued with certificates by Royal Bank of Scotland Group disregarded for the purposes of regulations 4ZA and 31(3)(c)(ii)

51. 5. Transfers from matured tax-exempt special savings accounts

52. 6. General investment rules

53. 7. Qualifying investments for a stocks and shares component

54. 8. Qualifying investments for a cash component

55. 8ZA. Qualifying investments for a Lifetime ISA component

56. 8A. Qualifying investments for an innovative finance component

57. 9. Insurance policies

58. 10. Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA

59. 10A. Lifetime ISA qualifying individuals who may invest under a Lifetime ISA

60. 11. Account investor ceasing to qualify

61. 12. Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA

62. 12A. Conditions for application to open an account that is a junior ISA account

63. 12B. Conditions for application to open an account that is a Lifetime ISA

64. 13. Application by curator bonis

65. 14. Account manager—qualifications and Board’s approval

66. 15. Special requirements relating to insurer-managers

67. 16. Account manager—appointment of tax representative

68. 17. Account manager—withdrawal by Board of approval

69. 17A. Account manager – withdrawal by Board of approval of junior ISA manager

70. 18. Account manager—appeal against withdrawal of Board’s approval

71. 19. Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager

72. 20. Account manager ceasing to qualify

73. 21. Transfers relating accounts other than junior ISA accounts

74. 21A. Further requirements relating to transfers between cash accounts

75. 21B. Transfers relating to junior ISA accounts

76. 21C. Repair of invalid junior ISA accounts

77. 22. Exemption from tax of account income and gains

78. 23. Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account

79. 24. Tax liabilities and reliefs—account manager to act on behalf of account investor

80. 25. Repayments in respect of tax to account manager—interim claims

81. 26. Repayments in respect of tax to account manager—annual returns and annual claims

82. 27. Account manager’s returns and claims—supplementary provisions

83. 28. Assessments for withdrawing relief and recovering tax

84. 29. Records to be kept by account manager

85. 30. Information to be given to account investor by account manager in relation to an account that is not a junior ISA account

86. 31. Returns of information by account manager

87. 32. Information to be provided to the Board

88. 33. Inspection of records by officer of the Board

89. 34. Capital gains tax—adaptation of enactments

90. 34A. Capital gains tax–administration-period investment

91. 35. Administration of tax in relation to accounts—supplementary

92. 36. Application of the provisions of Chapter II of Part XIII of the Taxes Act and of Chapter 9 of Part 4 of ITTOIA 2005 to policies where an investor ceases to be or was not entitled to relief from tax

93. 37. The Schedule makes further provision for Lifetime ISA.

94. Signature

95. 1. SCHEDULE

       LIFETIME ISA FURTHER PROVISION

       1. 1. Interpretation

       2. 2. Government bonus claim

       3. 3. Rejection of government bonus claim

       4. 4. Specified age; terminal illness; transfer to another Lifetime ISA-no withdrawal charge

       5. 5. Specified percentage for withdrawal charge

       6. 5A. Notwithstanding paragraph 5, the specified percentage in respect of the...

       7. 6. First-time residential purchase

       8. 7. Definitions for the purposes of paragraph 6

       9. 8. Specified information for the purposes of paragraph 6

       10. 9. Information from conveyancer

       11. 10. Purchase failure

       12. 11. Amounts not treated as withdrawals

       13. 12. Recoupment of government bonus payment

       14. 13. Withdrawals: information returns

       15. 14. Payment to the Board of withdrawal charges

       16. 15. Payments and Interest

       17. 16. Appeals

       18. 17. Information to be given by account manager to account investor

       19. 18. Extensions

96. Explanatory Note