Search Legislation

The Individual Savings Account (Amendment) Regulations 2018

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Statutory Instruments

2018 No. 359

Income Tax

Capital Gains Tax

The Individual Savings Account (Amendment) Regulations 2018

Made

12th March 2018

Laid before the House of Commons

13th March 2018

Coming into force

6th April 2018

The Treasury make these Regulations in exercise of the powers in section 151 of the Taxation of Chargeable Gains Act 1992(1), sections 694, 695 to 696 and 701 of the Income Tax (Trading and Other Income) Act 2005(2) and sections 1(2) and 4(3) and (6) of, and paragraph 2(2) of Schedule 1 to, the Savings (Government Contributions) Act 2017(3).

Citation and commencement

1.  These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2018 and come into force on 6th April 2018.

Amendment of the Individual Savings Account Regulations 1998

2.  The Individual Savings Account Regulations 1998(4) are amended as follows.

3.  In regulation 2G(6)(5) (continuing account of a deceased investor and administration-period investments)—

(a)insert at the end of sub-paragraph (b) “and”; and

(b)omit from “, and” in sub-paragraph (c) to the end of the regulation.

4.  In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,128” substitute “£4,260”.

5.  In regulation 31 (returns of information by account manager) —

(a)in paragraph (1B) for “14” substitute “60”; and

(b)after paragraph (1B) insert—

(1C) The Board may authorise an extension of any period of time provided for under this regulation..

6.  In the Schedule —

(a)in paragraph 14(1) (payment to the Board of withdrawal charges) for “14” substitute “28”; and

(b)in paragraph 15 (payments and interest) insert after sub-paragraph (3)—

(4) Payments are to be made to the Board in the manner specified by it from time to time..

Paul Maynard

David Rutley

Two of the Lords Commissioners of Her Majesty’s Treasury

12th March 2018

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account Regulations 1998 (S.I.1998/1870). They provide for the annual limit on subscriptions to a junior ISA account to be increased from £4,128 to £4,260 (regulation 4). They provide for amendments to requirements relating to returns of information by an account manager (regulations 3 and 5), an extension of time for the payment by an account manager of a withdrawal charge (regulation 6(a)) and for the manner of payments to be made to the Board (regulation 6(b)).

A Tax Information and Impact Note will be published on the HM Government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.

(1)

1992 c. 12; section 151 was amended by section 85 of the Finance Act 1993 (c. 34), paragraph 436 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005, section 40(6) of the Finance Act 2011 (c. 11) and section 27(2) of the Finance Act 2016 (c. 24).

(2)

2005 c. 5; sections 694 and 701 were amended by section 40 of the Finance Act 2011, sections 695 and 696 were amended by paragraphs 131 and 132 of Schedule 4 to the Commissioners for Revenue and Customs Act 2005 (c. 11). Section 695A was inserted by section 40 of the Finance Act 2011. Section 701(5) was inserted by section 40 of the Finance Act 2008 (c. 9).

(4)

S.I.1998/1870. Relevant amending instruments are: S.I. 2011/1780, 2017/186, 2017/466 and 2017/1089.

(5)

Regulation 2G was inserted by S.I. 2017/1089.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources