- Latest available (Revised)
- Point in Time (06/04/2024)
- Original (As made)
Point in time view as at 06/04/2024.
There are currently no known outstanding effects for the The Individual Savings Account Regulations 1998, Section 2G.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
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, [F3and]
(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
F1Reg. 2G inserted (6.4.2018) by The Individual Savings Account (Amendment No. 3) Regulations 2017 (S.I. 2017/1089), regs. 1, 4
F2Reg. 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)
F3Word in reg. 2G(6) inserted (6.4.2018) by The Individual Savings Account (Amendment) Regulations 2018 (S.I. 2018/359), regs. 1, 3(a)
F4Words 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)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.