The Individual Savings Account Regulations 1998

[F1 Continuing account of a deceased investor and administration-period investments U.K.

2G.— (1) This regulation applies to an account, other than a junior ISA account, when the account investor has died (“continuing account of a deceased investor”).

(2) Investments held in such an account are to be administration–period investments as a result of section 694A(4) or (5) of ITTOIA 2005 for the period beginning on the death of the account investor and ending on the earlier of—

(a) the completion of the administration of the deceased’s estate,

(b) the day falling on the third anniversary of the death, or

[F2 (c) the day on which a person within section 694A(2) of ITTOIA 2005 withdraws all account investments, other proceeds in respect of such investments and cash representing subscriptions to the account.]

(3) A continuing account of a deceased investor is to cease to be such an account at the end of the period referred to in paragraph (2).

(4) Notwithstanding any other provision of these Regulations—

(a) no subscription or qualifying addition is to be made to a continuing account of a deceased investor, and

(b) no transfer is to be made of a continuing account of a deceased investor otherwise than a transfer when regulation 17, 19 or 20 applies.

(5) In relation to a continuing account of a deceased investor, wherever the following expressions occur in these Regulations—

(a) “investments”, “account investments”, “qualifying investments”, “investments under an account”, or any other description of an account investment, includes administration-period investments,

(b) “account investor”, “applicant”, or any other description of an account investor, includes any person within the description of section 694A(2) of ITTOIA 2005 and, in the case of regulations 22 and 36(3), also any person referred to in section 694A(1) of that Act, and

(c) “account”, “Lifetime ISA”, or any reference to a scheme of investment, includes a continuing account of a deceased investor, notwithstanding that no subscription or qualifying addition can be made to it.

(6) In relation to a continuing account of a deceased investor—

(a) regulations 4(6)(a) and (f) (except in relation to a transfer when regulation 17, 19 or 20 applies), 12(3)(f) and (6)(a) and 12B(8)(a) and (c) do not apply,

(b) in regulation 7(2)(h)(iii), the phrase “but have remained in the beneficial ownership of the participant” is to be treated as omitted, [F3 and]

(c) in regulation 21(4D), after “made on a transfer”, there is to be treated as inserted “and is a continuing account of a deceased investor”. F4 ...

F4 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1 Reg. 2G inserted (6.4.2018) by The Individual Savings Account (Amendment No. 3) Regulations 2017 (S.I. 2017/1089), regs. 1, 4

F2 Reg. 2G(2)(c) substituted (6.4.2024) by The Individual Savings Account (Amendment) Regulations 2024 (S.I. 2024/350), regs. 1, 6 (with reg. 2)

F3 Word in reg. 2G(6) inserted (6.4.2018) by The Individual Savings Account (Amendment) Regulations 2018 (S.I. 2018/359), regs. 1, 3(a)

F4 Words in reg. 2G(6) omitted (6.4.2018) by virtue of The Individual Savings Account (Amendment) Regulations 2018 (S.I. 2018/359), regs. 1, 3(b)