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The Individual Savings Account (Amendment No. 2) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 869
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1450)(“the principal Regulations”) to allow an additional permitted subscription to the surviving spouse or civil partner (S) of a person who held an Individual Savings Account at their death (D).
Regulation 3 amends regulation 2 of the principal Regulations to insert a definition of a “deceased’s account”.
Regulation 4 amends regulation 2D to provide that an additional permitted subscription cannot be made to a junior ISA account.
Regulation 5 amends regulation 4(1B) of the principal Regulations to allow an additional permitted subscription to be made in the form of non-cash assets where S inherits those assets from D and certain other conditions set out at regulation 5DDA(2)(e) are met.
Regulation 6 amends regulation 5D of the principal Regulations. It adds an additional permitted subscription as a further category of subscription to be disregarded for the purposes of the yearly ISA subscription limits.
Regulation 7 inserts regulation 5DDA into the principal Regulations. Regulation 5DDA permits S (in addition to the yearly subscription limit provided for at regulation 4ZA) to subscribe an amount not exceeding the value of the ISA investments held by D with a single account manager on D’s death. Regulation 7 applies where D dies on or after 3 December 2014. Such subscriptions are subject to eligibility conditions, time limits and information requirements.
Regulation 8 amends regulation 5DF of the principal Regulations to specify the information which S must provide when making a subscription permitted by regulation 5DDA.
Regulation 9 inserts new regulations 5DFA to 5DFD, which contain information and declaration requirements.
Regulation 10 amends regulation 31 of the principal Regulations to provide that an account manager must state in any return whether a subscription permitted by regulation 5DDA of the principal Regulations has been made.
A Tax Information and Impact Note covering this instrument was published on 20th January 2015 alongside draft legislation. This has been updated as a result of this instrument and is available on the website at http://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins
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