2009 No. 1550
The Individual Savings Account (Amendment) Regulations 2009
Made
Laid before the House of Commons
Coming into force
Citation, commencement and effect1
1
These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2009 and shall come into force on 6th October 2009.
2
Regulations 3(a) and 6 have effect (on and after 6th October 2009) for the tax year 2009-10 and succeeding tax years.
3
Regulations 3(b) to 5 have effect (on and after 6th October 2009) for the tax year 2009-10, and shall cease to have effect on 6th April 2010.
4
Regulations 7 to 9 have effect for the tax year 2010-11 and succeeding tax years.
Amendments to the Individual Savings Account Regulations 19982
The Individual Savings Account Regulations 19983 are amended as follows.
Amendments having effect for the tax year 2009-10 (and in some cases succeeding tax years)
3
In regulation 4(2) (general conditions for accounts and subscriptions to accounts)4—
a
after “year) is” insert “£7,200 unless”; and
b
for sub-paragraph (a) substitute—
a
the qualifying investor is 50 years of age or over, or is due to be aged 50 not later than 5th April 2010, where it is £10,200, or
4
In regulation 4(3) at the end add “, unless the qualifying investor is 50 years of age or over, or is due to be aged 50 not later than 5th April 2010, when he or she may invest £5,100 in the year 2009-10.”
5
In regulation 4(4), after “the qualifying investor” (where those words first appear) insert “(who is not aged 50 or over, or due to be aged 50 not later than 5th April 2010)”.
6
In regulation 10(2)(ca)5 (qualifying individuals who may invest under an account) for “other” substitute “applicable”.
Amendments having effect for the tax year 2010-11 and succeeding tax years
7
In regulation 4(2)—
a
for “£7,200” (as inserted by regulation 3(a)) substitute “£10,200”;
b
in sub-paragraph (b), for “£3,600” substitute “£5,100”.
8
In regulation 4(3) for “£3,600” substitute “£5,100”.
9
In regulation 4(4)—
a
in sub-paragraph (a) for “£3,600” (in both places it appears) substitute “£5,100”;
b
in sub-paragraph (b) for “£5,200” substitute “£8,200”;
c
in sub-paragraph (c) for “£7,200” substitute “£10,200”; and
d
in the words succeeding sub-paragraph (c) for “£3,600” substitute “£5,100”.
(This note is not part of the Regulations)