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. 3. Introductory

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

12. 4ZA. Subscriptions to an account other than a junior ISA account

13. 4ZB. Subscriptions to a junior ISA account

14. 4ZC. Inalienability of a junior ISA account

15. 4ZD. Permitted withdrawals from a junior ISA account

16. 4ZE. Permitted withdrawals from a junior ISA account where the named child is terminally ill

17. 4A. Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts

18. 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

19. 4C. Removal of insurance components at 6th April 2005

20. 4D. Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008

21. 5A. Treatment of sums held in accounts managed by Icesave Bank

22. 5B. Treatment of certain sums held in accounts managed by Keydata Investment Services Limited

23. 5C. Treatment of certain sums held in dormant accounts

24. 5D. Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA and 4ZB

25. 5DA. Defaulted cash account subscription

26. 5DB. Defaulted investment subscription

27. 5DC. Default event in respect of cash account

28. 5DD. Defaulted investment payment

29. 5DDA. Additional permitted subscription to an account other than a junior ISA account

30. 5DDB. Flexible account

31. 5DDC. Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA

32. 5DE. Additional permitted subscription to a junior ISA account

33. 5DF. Information required by regulation 5D

34. 5DFA. Declarations required by regulation 5D

35. 5DFB. Notices required by regulation 5D

36. 5DG. Single regulation 5D subscription

37. 5DH. Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012

38. 5DI. Special provision in respect of Lehman Brothers investments and Keydata investments

39. 5DJ. Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment

40. 5DK. Deemed defaulted investment payment in respect of a Lehman Brothers investment

41. 5DL. Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment

42. 5DM. Special application of regulations 5DJ to 5DL in respect of a Keydata investment

43. 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)

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

45. 6. General investment rules

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

47. 8. Qualifying investments for a cash component

48. 8A. Qualifying investments for an innovative finance component

49. 9. Insurance policies

50. 10. Qualifying individuals who may invest under an account that is not a junior ISA account

51. 11. Account investor ceasing to qualify

52. 12. Conditions for application to open an account that is not a junior ISA account

53. 12A. Conditions for application to open an account that is a junior ISA account

54. 13. Application by curator bonis

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

56. 15. Special requirements relating to insurer-managers

57. 16. Account manager—appointment of tax representative

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

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

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

61. 20. Account manager ceasing to qualify

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

63. 21A. Further requirements relating to transfers between cash accounts

64. 21B. Transfers relating to junior ISA accounts

65. 21C. Repair of invalid junior ISA accounts

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

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

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

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

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

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

72. 28. Assessments for withdrawing relief and recovering tax

73. 29. Records to be kept by account manager

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

75. 31. Returns of information by account manager

76. 32. Information to be provided to the Board

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

78. 34. Capital gains tax—adaptation of enactments

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

80. 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

81. Signature

82. Explanatory Note