F13Conditions for application to open an account that is not a junior ISA account12
1
An application by an individual to F14open an account in the year in which he first subscribes to that account, and in the year following a year in which that individual has not subscribed to the account, must be made to an account manager in a statement andF27... must fulfil the conditions specified in paragraphs (2), (3) and (4).
2
An application must specify the first year to which the application relates.
3
An application F15must contain a declaration by the applicant that—
b
the declaration shall have effect for the year to which paragraph (2) refers, and each successive year following that year, in which the applicant subscribes to the account;
c
all cash subscriptions made, and to be made, to the account are the applicant’s cash;
F10d
in the case of a stocks and shares account, the applicant—
i
has not subscribed, and will not subscribe, to any other stocks and shares account, in the year to which paragraph (2) refers, and
ii
will not subscribe to any other stocks and shares account, in each successive year following that year, in which the declaration has effect;
F10e
in the case of a cash account, the applicant—
i
has not subscribed, and will not subscribe, to any other cash account, in the year to which paragraph (2) refers, and
ii
will not subscribe to any other cash account, in each successive year following that year, in which the declaration has effect;
ea
that the applicant has not subscribed, and will not subscribe, more than the appropriate overall subscription limit in F17regulation 4ZA(1) (aggregating subscriptions to all accounts)—
i
in the year to which paragraph (2) refers, and
ii
in each successive year following that year, in which the declaration has effect;
eb
that in the case of a cash account, the applicant has not subscribed, and will not subscribe, more than the subscription limit in F18regulation 4ZA(1)(a) or (2)—
i
in the year to which paragraph (2) refers, and
ii
in each successive year following that year, in which the declaration has effect;
F1f
the applicant is 16 years of age or over, and—
i
is residentF28... in the United Kingdom, or
ii
F11is 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, or
iii
is married to F7or in a civil partnership with a person mentioned in paragraph (ii),
F19g
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4
An application must contain—
a
the applicant’s full name,
b
the address of his permanent residence, including postcode,
c
his national insurance number, or confirmation that he does not have one, F20...
d
his date of birthF21,
e
the authorisation specified in paragraph (4A)
F224A
The authorisation specified by this paragraph is authority given by the applicant to the account manager—
a
to hold the subscriptions, account investments, interest, dividends and any other rights or proceeds in respect of those investments and cash;
b
to make on behalf of the applicant any claims to relief from tax in respect of account investments; and
c
to make a record in writing in accordance with paragraph (7) where that paragraph requires the account manager to do so.
F125
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6
An account manager may not accept as an account investor any individual if he has reason to believe that—
a
he is not or might not be a qualifying individual, or
b
he has given untrue information in his application.
F237
Where an application is not in writing or the manager operates a record system under which all original written applications are not retained—
a
the account manager must, immediately after receiving the application, record in writing on behalf of the applicant, the declaration required by paragraph (3) and authorisation required by paragraphs (4)(e) and (4A);
b
the account manager must notify the applicant of the contents of the written record within 5 business days of making it; and
c
the written record (as amended by any corrections notified to the account manager by the applicant within 30 days of the notification mentioned in sub-paragraph (b)) shall be treated as the applicant’s declaration required by paragraph (3) and authorisation required by paragraphs (4)(e) and (4A).
F247A
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8
Section 95 of the Management Act M1 shall have effect as if—
a
the statement and declarations to which paragraphs (1), (3) and (7) refer were a statement or declarations, as the case may be, within the meaning of subsection (1)(b), and
b
there were substituted for subsection (3) the following words—
3
The relevant years of assessment for the purposes of this section are the year of assessment in respect of which any claim to relief or exemption from tax in connection with which the statement or declarations are relevant, is made, the next following, and any preceding year of assessment.
F29
An application furnished by an individual under this regulation F4... shall be regarded as in writing if it is furnished—
a
by telephonic facsimile transmission containing the signature of the individual, or
b
by electronic communication containing an electronic signature of the individual.
F2510
Where an account manager is required by paragraph (7) to make a record in writing—
a
a record shall be regarded as being a written record if it is produced by electronic means;
b
the notification of the contents of the record by the account manager to the applicant required by paragraph (7)(b) may be sent to the applicant by telephonic facsimile transmission or by electronic communication.
11
In this regulation—
F5“electronic communication” includes any communication conveyed by means of an electronic communications network.
“electronic signature” has the meaning given by section 7(2) of the Electronic Communications Act 2000.
F2611A
In paragraph (3), references to subscriptions to an account do not include subscriptions to an account that is a junior ISA account.
F3012
An application may be made on an individual’s behalf —
a
if the individual is resident in England and Wales—
i
pursuant to an order under section 16(2)(a) of the Mental Capacity Act 2005; or
ii
by a deputy appointed under section 16(2)(b) of that Act; or
b
if the individual is resident in Scotland or Northern Ireland and is suffering from mental disorder, by a parent, guardian, spouse, civil partner, son or daughter of the individual.