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The Individual Savings Account Regulations 1998

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  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

    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

  95. Explanatory Note

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