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The Individual Savings Account Regulations 1998
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- UK Statutory Instruments
- 1998 No. 1870
- Regulation 10
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Version Superseded: 06/04/2017
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Qualifying individuals who may invest under an account [F1that is not a junior ISA account] U.K.
10.—[F2(1) This regulation specifies the description of individual (“qualifying individual”) who may invest under an account that is not a junior ISA account.]
(2) A qualifying individual to whom paragraph (1) refers is an individual—
[F3(a)who, in the case of a cash account, is 16 years of age or over and, in the case of a stocks and shares account [F4or innovative finance account], is 18 years of age or over;
(b)who, [F5except for a subscription made in accordance with regulation [F65D(2)(a)(iia) or (iv)],] in the case of a stocks and shares account, has not subscribed, and will not subscribe, to any other stocks and shares account, in the year in which the subscription is made;
(c)who, [F7except for a subscription made in accordance with regulation [F85D(2)(a)(i), (iia), (iv) or (v)],] in the case of a cash account, has not subscribed, and will not subscribe, to any other cash account, in the year in which the subscription is made;
[F9(cza)who, except for a subscription made in accordance with regulation 5D(2)(a)(iia) or (iv), in the case of an innovative finance account, has not subscribed and will not subscribe, to any other innovative finance account, in the year in which the subscription is made;]
(ca)who has not exceeded the F10... overall subscription limit in [F11regulation 4ZA(1)] F10... in that year;]
(d)(i)who is resident F12... in the United Kingdom, or
[F13(ii)who, though not resident in the United Kingdom, has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 2003,] [F14or
(iii)who, though not resident in the United Kingdom, is married to [F15or in a civil partnership with] a person mentioned in paragraph (ii)][F16; or]
[F17(iv)who, where the terms and conditions of an account allow for it, though not resident in the United Kingdom, makes a subscription to the account in accordance with regulation 5D.]
[F18(3) For the purposes of paragraph (2)(b) and (c), a subscription to a junior ISA account shall be disregarded.]
Textual Amendments
F1Words in reg. 10 heading added (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 17(a)
F2Reg. 10(1) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 17(b)
F3Reg. 10(2)(a)-(ca) substituted for reg. 10(2)(a)-(c) (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 14
F4Words in reg. 10(2)(a) inserted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 13(a)
F5Words in reg. 10(2)(b) inserted (1.2.2016) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 12(a)
F6Words in reg. 10(2)(b) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 13(b)
F7Words in reg. 10(2)(c) inserted (1.2.2016) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 12(b)
F8Words in reg. 10(2)(c) substituted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 13(c)
F9Reg. 10(2)(cza) inserted (6.4.2016) by The Individual Savings Account (Amendment No. 2) Regulations 2016 (S.I. 2016/364), regs. 1, 13(d)
F10Words in reg. 10(2)(ca) omitted (1.7.2014) by virtue of The Individual Savings Account (Amendment No. 2) Regulations 2014 (S.I. 2014/1450), regs. 1, 17
F11Words in reg. 10(2)(ca) substituted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 17(c)(i)
F12Words in reg. 10(2)(d)(i) omitted (6.4.2013) by virtue of The Income Tax (Removal of Ordinary Residence) Regulations 2013 (S.I. 2013/605), regs. 1, 4(3) (with reg. 2(a))
F13Reg. 10(2)(d)(ii) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 9
F14Reg. 10(2)(d)(iii) and preceding word added (6.4.2001) by The Individual Savings Account (Amendment) Regulations 2001 (S.I. 2001/908), regs. 1, 5(b)
F15Words in reg. 10(2)(d)(iii) inserted (5.12.2005) by The Tax and Civil Partnership (No. 2) Regulations 2005 (S.I. 2005/3230), regs. 1, 10(3)
F16Word in reg. 10(2)(d)(iii) substituted (1.2.2016) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 12(c)
F17Reg. 10(2)(d)(iv) inserted (1.2.2016) by The Individual Savings Account (Amendment) Regulations 2016 (S.I. 2016/16), regs. 1, 12(d)
F18Reg. 10(3) inserted (1.11.2011) by The Individual Savings Account (Amendment No. 2) Regulations 2011 (S.I. 2011/1780), regs. 1, 17(d)
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