The Individual Savings Account (Amendment No. 2) Regulations 2011

Amendments to the Individual Savings Account Regulations 1998

3.  In regulation 2(1)(a) (interpretation)—

(a) in the definition of “account”, for “regulation 4(1)” substitute “regulation 4(1) and, where appropriate, regulation 2B(b)”;

(b) for the definition of “account investor” substitute—

“an “account investor” has the meaning given in regulation 2A;”;

(c) after the definition of “building society bonus” insert—

““business day” means any day except—

(a)

a Saturday, Sunday, Good Friday or Christmas Day;

(b)

a bank holiday under the Banking and Financial Dealings Act 1971(1);”;

(d) after the definition of “ceasing to be subject to the plan” insert—

““child” means an individual under 18;”;

(e) after the definition of “EEA State” insert—

““eligible child” means a child—

(a)

born—

(i)

on or after 3rd January 2011; or

(ii)

before the time mentioned in paragraph (i) but who is not an “eligible child” within the meaning given in the Child Trust Funds Act 2004(2); and

(b)

who, at the time when the application to open an account pursuant to a junior ISA application described in regulation 12A is made, is—

(i)

resident and ordinarily resident in the United Kingdom;

(ii)

a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 2003(3);

(iii)

married to, or in a civil partnership with, a person mentioned in paragraph (ii); or

(iv)

a dependant of a person mentioned in paragraph (ii);”;

(f) after the definition of “ITTOIA 2005” insert—

““junior ISA account” has the meaning given in regulation 2B;”;

(g) after the definition of “market value” insert—

““named child” means a child who holds an account opened pursuant to a junior ISA application described in regulation 12A;”;

(h) after the definition of “notice” insert—

““parental responsibility” means—

(a)

parental responsibility within the meaning of the Children Act 1989(4) or the Children (Northern Ireland) Order 1995(5), or

(b)

parental responsibilities within the meaning of the Children (Scotland) Act 1995(6);”;

(i) in the definition of “qualifying distribution” for “section 832(1) of the Taxes Act” substitute “section 1136 of the Corporation Tax Act 2010(7)”;

(j) in the definition of “recognised stock exchange” for “section 841 of the Taxes Act” substitute “section 1005 of ITA 2007(8)”; and

(k) after the definition of “relevant European institution” insert—

““responsible person” means a person who is the responsible person in respect of the management of a junior ISA account in accordance with regulation 2C(4);”.

(1)

1971 c. 80; section 1 of and Schedule 1 to that Act relate to bank holidays. Schedule 1 was amended by the St Andrew’s Day Bank Holiday (Scotland) Act 2007 (asp 2).

(2)

2004 c. 6.

(3)

2003 c. 1; section 28 was amended by paragraphs 101 and 102 of Schedule 4 to the Commissioners for Revenue and Customs Act 2005 (c. 11).

(4)

1989 c. 41.

(5)

1995 No. 755 (N.I. 2).

(6)

1995 c. 36.

(7)

2010 c. 4.

(8)

2007 c. 3; sub-section (1) was substituted by paragraph 1 of Schedule 26 to the Finance Act 2007 (c. 11) and sub-section (2A) was inserted by paragraphs 50 and 55 of Schedule 2 to the Taxation (International and Other Provisions) Act 2010 (c. 8).