The Individual Savings Account Regulations 1998

Changes over time for: Section 31

Version Superseded: 11/08/2009

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Point in time view as at 01/04/2009. This version of this provision has been superseded.

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Returns of information by account managerU.K.

31.—(1) An account manager shall within 60 days after the end of each year (beginning with the year 1999—00) in which he acts as an account manager, and after ceasing to act or to qualify as an account manager, deliver to the Board a return for that year, or for the part of that year in which he so acted or qualified, which contains the information specified in paragraphs (3), (4)[F1, (5) and (7)], and is accompanied by a certificate as to the contents of the return, in the form prescribed by the Board, signed by the account manager or on his behalf.

F2(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The information specified in this paragraph is information relating to each account, in respect of which he acted as account manager, in the year or the part of the year for which the return is made, other than accounts transferred to another account manager under Regulation 21(2) in that year or part of a year, as to—

(a)as regards the account investor—

(i)his full name,

(ii)the address of his permanent residence, including postcode,

(iii)his date of birth, and

(iv)if he has one, his national insurance number;

(b)as regards each such account—

(i)the number allocated to the account by the account manager, and

(ii)the market value of the account investments held under [F3the] component of the account, subject to paragraph (6), the value of each account investment being determined either as at 5th April in that year, or any other valuation date in that year, not falling earlier than 5th October, and

(c)as regards each such [F4account, to which subscriptions or a transfer under regulation 21] F5... were made in that year or part of a year—

(i)whether the account is a [F6cash account or stocks and shares account],

[F7(ii)the total amount of cash subscribed to the account, in the year or the part of the year for which the return is made;]

(iii)the date on which the first subscription (being either cashF8... or shares pursuant to regulation 7(2)(h)) was made to the account, in the year or the part of the year for which the return is made, and

(iv)the aggregate market value at the date of transfer of any shares transferred to the account manager or his nominee in accordance with regulation 7(2)(h) in the year or the part of the year for which the return is made [F9and—

(v)the date when any such [F10cash] account was closed, where that occurred during the year or the part of the year for which the return was made.]

(4) [F11Subject to paragraph (5), the] information specified in this paragraph is—

(a)the respective market values at the end of the year or the part of the year for which the return is made of account investments held under stocks and shares components, by him or a nominee for him on behalf of account investors, under all the accounts in respect of which he acted as account manager in that year or part, with separate values for—

(i)shares, not being shares in an investment trust or in a UCITS,

(ii)qualifying securities,

[F12(iia)government securities falling within regulation 7(2)(c), (ca) or (cb);]

(iii)shares in investment trusts,

[F13(iv)units in an authorised unit trust,]

(v)units in, or shares of, a relevant UCITS,

[F14(vi)shares in an open-ended investment company,]

[F15(via)the surrender value of life insurance policies which satisfy the condition of regulation 7(15),]

(vii)cash, including cash represented in share accounts with building societies,

[F16with depositary interests being included in the paragraph to which their relevant investments (referred to in paragraphs (a) and (b) of the definition of “depositary interest”) relate];

[F17(b)the respective market values at the end of the year or the part of the year for which the return is made of account investments held under cash components, by him or a nominee for him on behalf of account investors, under all the accounts in respect of which he acted as account manager in that year or part, with separate values for—

(i)cash, including cash represented in share accounts with building societies,

(ii)the surrender value of life insurance policies which do not satisfy the condition in regulation 7(15), and

(iii)investments (other than those specified in paragraphs (i) and (ii)) which do not satisfy the condition in regulation 7(15); and]

(c)the aggregate market value at that date of all such account investments held by him or his nominee.

(5) [F18Paragraph (4) shall apply to policies of life insurance falling within regulation 9] with the omission of the words “by him or a nominee for him on behalf of account investors," with references to the market value of account investments, in the case of policies of life insurance, being replaced with references to the surrender value of such policies, and as if separate valuations were required of such policiesF19....

F20(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) [F21The information specified in this paragraph is information relating to all accounts to which subscriptions were made in the year or part of the year, in respect of which he was acting as account manager immediately before the end of the year or part of the year for which the return is made, or in the case of an account that was closed during the year, in respect of which he was acting as manager at the date the account was closed, as to]—

(a)the total number of accounts to which subscriptions were made, with separate figures for—

[F22(i)cash accounts holding policies of life insurance falling within regulation 9,]

[F22(ii)all cash accounts,]

[F22(iii)stocks and shares accounts holding policies of life insurance falling within regulation 9, and

(iv)all stocks and shares accounts,]

(b)the total amount of cash subscriptions made in the [F23year or part of the year]—

(i)to stocks and shares components of accounts;

(ii)to cash components of accounts; F24...

F24(iii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F25(iii)invested in policies (within the meaning in regulation 9(1)) under stocks and shares components; and

(iv)invested in policies (within that meaning) under cash components.]

(8) No claim for repayment, or repayment, may be made under regulations 25 and 26 until the returns which have become due under this regulation have been duly made by the account manager and received by the Board.

Textual Amendments

F1Words in reg. 31(1) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 14(2)

F2Reg. 31(2) omitted (6.4.2008) by virtue of The Individual Savings Account (Amendment) Regulations 2008 (S.I. 2008/704), regs. 1, 14(3)

F3Word in reg. 31(3)(b)(ii) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 20(a)

F4Words in reg. 31(3)(c) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 20(b)(i)

F5Words in reg. 31(3)(c) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 7(a)

F6Words in reg. 31(3)(c)(i) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 20(b)(ii)

F7Reg. 31(3)(c)(ii) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 20(b)(iii)

F8Words in reg. 31(3)(c)(ii) omitted (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by virtue of The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 7(c)

F9Reg. 31(3)(c)(v) and preceding word added (with effect in accordance with reg. 1(2)(c) of the amending S.I.) by The Individual Savings Account (Amendment No. 3) Regulations 2002 (S.I. 2002/3158), regs. 1(2), 7(d)

F10Word in reg. 31(3)(c)(v) substituted (6.4.2008) by The Individual Savings Account (Amendment) Regulations 2007 (S.I. 2007/2119), regs. 1, 20(b)(iv)

F11Words in reg. 31(4) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Individual Savings Account (Amendment No. 2) Regulations 2004 (S.I. 2004/2996), regs. 1(1), 18(a)