The Individual Savings Account (Amendment No. 2) Regulations 2015

Amendment of the Individual Savings Account Regulations 1998

9.  After regulation 5DF, insert—

“Declarations required by regulation 5D

5DFA.— (1) The declarations in regulation 5D(2)(c) required by S in relation to a subscription permitted by regulation 5DDA are—

(a) in all cases, those specified in paragraph (2);

(b) in a case where the subscription is made with the deceased’s account manager (A), those specified in paragraph (3); and

(c) in a case where the subscription is being made with an account manager other than the deceased’s account manager (B), those specified in paragraph (4).

(2) The declarations specified in this paragraph are—

(a) that S is the surviving spouse or civil partner of the deceased;

(b) that S and the deceased were living together so as to meet the requirements specified in section 1011 of the Income Tax Act 2007, at the date of the deceased’s death; and

(c) that the subscription is being made under regulation 5DDA.

(3) The declarations specified in this paragraph are that the subscription is being made—

(a) in the case of a subscription of non-cash assets made in accordance with paragraph (2) of that regulation—

(i) in the period beginning with distribution to S by the deceased’s estate of those assets and ending no more than 180 days thereafter; or

(ii) in the case of the deceased’s death occurring in the period beginning with 3rd December 2014 and ending with 5th April 2015, no later than 2nd October 2015;

whichever is the later; and

(b) in the case of any other subscription under that regulation, in the period beginning with the date of the deceased’s death and ending—

(i) no more than 3 years thereafter, or in the case of the deceased’s death occurring in the period beginning with 3rd December 2014 and ending with 5th April 2015, no later than 5th April 2018; or

(ii) no more than 180 days after administration of the estate is complete.

(4) The declarations specified in this paragraph are—

(a) that the subscription is being made by a payment of cash;

(b) that, in the permitted period, S has not made, with A, any subscription permitted by regulation 5DDA in respect of the amount determined in accordance with paragraph (3) of that regulation; and

(c) that the subscription is being made in the period beginning with the date of the deceased’s death and ending—

(i) no more than 3 years thereafter, or in the case of the deceased’s death occurring in the period beginning with 3rd December 2014 and ending with 5th April 2015, no later than 5th April 2018; or

(ii) no more than 180 days after administration of the estate is complete.

(5) The requirements in sub-paragraphs (2)(a), (b) and (4)(b) are met where the information is provided on the first instance a subscription permitted by regulation 5DDA in respect of an amount determined in accordance with paragraph (3) of that regulation is made to an account.

Notices required by regulation 5D

5DFB.— (1) Where an account manager (B) has—

(a) been notified by S that S wishes to make a subscription under regulation 5DDA; or

(b) received an application from S to make such a subscription;

that account manager shall, within the period of 30 days beginning with the day on which the notification or application is received, give to the deceased’s account manager (A) a notice containing the information specified in paragraph (2).

(2) The information specified in this paragraph is—

(i) the name and address of the deceased;

(ii) the deceased’s date of birth and date of death;

(iii) the deceased’s National Insurance number, if known;

(iv) S’s name and address;

(v) a statement that B has either received an application from S to make a subscription under regulation 5DDA or been notified that S wishes to make such a subscription; and

(vi) a statement that B has, subject to relevant checks, accepted that application or, where B has been notified that S wishes to make such a subscription, that B will accept such an application subject to relevant checks.

(3) Where A receives from B a notice under paragraph (1), A shall, within the period of 30 days beginning with the day on which that notification is received, give B a notice containing—

(i) the deceased’s full name;

(ii) the full address of the deceased’s permanent residence at the date of death;

(iii) the deceased’s date of birth and date of death;

(iv) the deceased’s National Insurance number, if known;

(v) the amount determined in accordance with paragraph (3) of regulation 5DDA;

(vi) a declaration that, in the permitted period, S has not made to an account held by A, any subscription permitted by regulation 5DDA in respect of the amount determined in accordance with paragraph (3) of that regulation;

(vii) an undertaking that, other than in the case of an authorisation given under paragraph (6) of regulation 5DDA, A will not accept a subscription made by S in respect of the amount determined in accordance with paragraph (3) of that regulation; and

(viii) an undertaking that, other than in the case of an authorisation given under paragraph (6) of regulation 5DDA, A will not provide the information and declarations in this paragraph to another account manager in respect of the amount determined in accordance with paragraph (3) of that regulation.

(4) In this regulation relevant checks means checks by B in relation to the information and declarations provided by S pursuant to regulations 5DF and 5DFA.

5DFC.— (1) Where the deceased’s account manager receives a request from S made in accordance with paragraph (2), that account manager shall, within the period of 30 days beginning with the day on which the request is received, provide to S a statement of the amount determined in accordance with paragraph (3) of regulation 5DDA.

(2) The request shall contain the information required by regulation 5DF(1)(c) and the declarations required by regulation 5DFA(1)(a) and (b).

5DFD.   —Regulation 12(7) to (11), (12) and (13) applies in relation to any information or declaration required under regulations 5DF(1)(c) and 5DFA as it applies to any application to open an account.”.