[F1Permitted withdrawals from a junior ISA account where the named child is terminally illU.K.

4ZE.—(1) A registered contact may make a claim to the Board for withdrawals from a junior ISA account to be permitted in accordance with this regulation.

(2) The claim shall be—

(a)made in a manner prescribed by the Board, which shall include the giving of any consent necessary for the verification or consideration of the claim, and

(b)accepted in either of the following cases:

(3) The Board shall issue a letter to the registered contact authorising withdrawals from the account under this regulationF3....

(4) Once a claim has been accepted, withdrawals of any amount (including the proceeds from a policy of life insurance and an amount sufficient to close the account) may be made by the registered contact at any time (but this does not include the transfer of a policy of life insurance otherwise than in accordance with regulation 21B).

(5) Where account investments are withdrawn in a form other than sterling currency, the named child shall be treated as having sold the account investments in question, and as having reacquired them in his personal capacity, for a consideration equal to their market value at the time of their withdrawal.

(6) In this regulation, “terminally ill” has the meaning—

(a)[F4 for England and Wales and Scotland] in section 66(2)(a) of the Social Security Contributions and Benefits Act 1992[F5 or section 82(4) of the Welfare Reform Act 2012 (terminal illness); or

(b)for Northern Ireland, section 72(5) of the Social Security Contributions and Benefits (Northern Ireland) Act 1992 (the care component)].]

Textual Amendments