Returns of information by account manager31
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 F26paragraphs (3), (4), (5), (7)F77, (7A) and (7B), 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.
F731A
For the purposes of a Lifetime ISA in relation to paragraphs (3) and (10), paragraph (1B) applies instead of paragraph (1).
1B
An account manager of a Lifetime ISA must, within F7960 days after the end of each year in which the account manager acts as an account manager, and after ceasing to act or qualify as an account manager, deliver to the Board a return for the year or part of a year in which the account manager so acted or was qualified, in a form or manner prescribed by the Board, which contains the information specified in the sub-paragraphs referred to in paragraph (9).
F801C
The Board may authorise an extension of any period of time provided for under this regulation.
F102
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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 F44(otherwise, any unique reference number he may have had as mentioned in the Child Trust Funds Regulations 2004);
b
as regards each such account—
i
the number allocated to the account by the account manager, and
ii
F61in relation to a cash account or stocks and shares account, the market value of the account investments held under F18the component of the account, F37...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
i
F27ia
whether the account was a junior ISA account at any time in the year or part of the year for which the return is made,
F48ib
whether the account is a flexible account,
F21ii
F50iia
in place of the provision in paragraph (ii) in the case of a flexible account, in the year or part of the year for which the return is made, disregarding a subscription made in accordance with regulation 5D (except for a replacement subscription), the total amount subscribed to the account less the amount of any cash withdrawn from it and if the result is in the negative, the amount to be reported is nil,
iii
iv
F31v
d
in relation to an innovative finance account comprising investments of the kind F69specified in regulation 8A(2)(a) or 8A(2)(ca), the aggregate of the amounts set out at sub-paragraphs (i) and (ii) —
i
the outstanding principal balance as at 5th April in that year, or the date on which an account manager ceases to act or qualify as an account manager, under those F70qualifying investments for an innovative finance component in respect of which payments are due to be made; and
ii
the amount of cash held in the account as at 5th April in that year, or the date on which an account manager ceases to act or qualify as an account manager; and
F323A
Where a subscription is made to an account that ceases to be a junior ISA account in the year or part of the year for which the return is made, the return must show, as separate amounts, the total amount of cash subscribed to the account at times—
a
when the account is a junior ISA account; and
b
when the account is not a junior ISA account.
F363AB
Where a defaulted cash account subscription in accordance with regulation 5D (subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA and 4ZB) is made to an account in the year or part of the year for which a return required by this regulation is made—
a
the amount of subscriptions reported to an account manager in accordance with regulation 5DF(1)(a)(ii) (current year’s subscriptions made to the defaulted cash account) must be included as part of the total amount of cash subscribed to the account required by paragraph (3)(c)(ii);
b
paragraph (3)(c)(iii) must be construed as requiring (in addition to the information specified in that paragraph) the date reported to the account manager in accordance with regulation 5DF(1)(a)(iii).
3B
In relation to an account that is a junior ISA account, the information described in paragraph (3)(c)(iii) shall only be provided in the return for the year or part of the year in which the application to open the account in accordance with regulation 12A is made.
3C
The information provided in accordance with paragraph (3)(c)(v) must not include information relating to an account that was a junior ISA account immediately before it was closed.
4
F4Subject 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
F39ia
such shares admitted to trading on a recognised stock exchange in an EEA State,
ii
qualifying securities F45listed on the official list of a recognised stock exchange,
F46iiaa
qualifying securities admitted to trading on a recognised stock exchange in an EEA State,
F8iia
government securities falling within regulation 7(2)(c), (ca) or (cb);
iii
shares in investment trusts,
F11iv
units in an authorised unit trust,
v
units in, or shares of, a F25recognised UCITS, or non-UCITS retail scheme (constituted outside the United Kingdom),
F12vi
shares in an open-ended investment company,
vii
cash, including cash represented in share accounts with building societies,
F1with 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;
F74aa
the information specified in sub-paragraph (a) in respect of any such account investments (excluding cash (including cash represented in share accounts with building societies)) that are held under Lifetime ISA components;
F14b
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, F41and
ii
F42investments other than those specified in paragraph (i); and
F75ba
the information specified in sub-paragraph (b), in respect of any such account investments that are held under Lifetime ISA components;
c
the aggregate market value at that date of all such account investments held by him or his nomineeF64; and
F65d
the amount at the end of the year or part of the year for which the return is made of account investments held under innovative finance 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 of a year, with separate values for—
i
cash, and
ii
the outstanding principal balance under those article 36H agreements in respect of which payments are due to be made to the account managerF71, and
F72iii
the outstanding principal balance under those investments specified in regulation 8A(2)(ca) in respect of which payments are due to be made.
5
F5Paragraph (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 policiesF6....
F156
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
F16The 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—
F23i
cash accounts holding policies of life insurance falling within regulation 9,
F23ii
all cash accounts,
F23iii
stocks and shares accounts holding policies of life insurance falling within regulation 9, and
iv
all stocks and shares accounts,
F56v
accounts receiving subscriptions made in accordance with regulation 5D(2)(a)(iv); and
F66vi
all innovative finance accounts; and
b
the total amount of F57... subscriptions made in the F17year or part of the yearF58, disregarding a subscription made in accordance with regulation 5D, —
i
to stocks and shares components of accounts;
ii
to cash components of accounts; F7...
F59iia
in respect of subscriptions made in accordance with regulation 5(D)(2)(a)(iv);
F67iib
to innovative finance components of accounts;
F7iii
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9iii
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.
F60F68In relation to this paragraph (7), in the case of a flexible account, in the year or part of the year for which the return is made, there is to be disregarded, in respect of each account, a subscription made in accordance with regulation 5D (except for a replacement subscription) and there is to be deducted from the total amount subscribed the amount of any cash withdrawn from the account and if the result is in the negative, the amount to be reported is nil.
F337A
The information specified in this paragraph is information relating to all accounts in respect of which the account manager was acting as account manager immediately before the end of the year or part of the year for which the return is made that were junior ISA accounts at the end of the period covered by the return (whether or not a subscription was made to the account during that period) with separate figures for cash accounts and stocks and shares accounts.
F787B
The information specified in this paragraph is the total number of continuing accounts of a deceased investor.
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.
F769
Paragraphs (3) (except as provided in paragraph (10)) and (3A), (3B), (3C), (7) and (7A) do not apply to a Lifetime ISA.
10
The following provisions of paragraph (3) apply to a Lifetime ISA—
a
sub-paragraph (a) with the omission of “if he has one” and the words in parentheses;
b
sub-paragraph (b) with the substitution of “a Lifetime ISA” for “ a cash account or stocks and shares account”;
c
sub-paragraph (c)(ii) with the substitution of “paragraph (3AB)(a)” for “paragraphs (3A) and (3AB)(a)”; and
d
sub-paragraph (c)(iv).