Citation and commencement

1.  These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2015 and come into force on 6th April 2015.

Amendment of the Individual Savings Account Regulations 1998

2.  The Individual Savings Account Regulations 1998(3) are amended as follows.

3.  After regulation 5D(2), insert-

"(3) A subscription to an account held by an account investor is made in accordance with this regulation if it comprises a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004(4).".

4.-(1) In regulation 12A(1), after the fourth use of "account", insert "or by the holder of a junior ISA account arising from a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004, or if the application is preliminary to such a transfer".

(2) In regulation 12A(2), for "An eligible", substitute "A".

(3) After regulation 12A(3), insert-

"(3A) Except in the case of an account that will be held by an eligible child as mentioned in paragraph (1), the word "eligible" in paragraphs (4), (6), (7)(g), (h) and (i) and (8) must be disregarded.".

(4) In regulation 12A(7)(c), after "2004" insert "(but this is not required if the person who will hold the account is already the holder of a junior ISA account arising from a transfer mentioned in paragraph (1), or if the application is preliminary to such a transfer)".

(5) In regulation 12A(7)(d)(i), after "Kingdom" insert "(but this is not required if the application is preliminary to a transfer mentioned in paragraph (1))".

5.  In regulation 21(4B), omit "including regulation 31(1)(c)".

6.-(1) After regulation 21B(2), insert-

"(2A) Anything transferred to the account as part of the transfer mentioned in regulation 12A(1) is treated as previous years' subscriptions for the purposes of this regulation.".

(2) Omit regulation 21B(8B) to (8G).

(3) In regulation 21B(8H), omit "as described in paragraph (8B)(a)".

7.  In regulation 21B(11)(a)(iv), after "(if any)" and in regulation 31(3)(a)(iv), after "number", insert "(otherwise, any unique reference number he may have had as mentioned in the Child Trust Funds Regulations 2004)".

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1450) to make them compatible with the transfer of child trust funds to junior ISAs under regulation 20A of the Child Trust Funds Regulations 2004 (S.I. 2004/1450)(5).

A Tax Information and Impact Note covering this instrument has been published at: https://www.gov.uk/government/publications/child-trust-funds-and-junior-individual-savings-account-account-transfers-management-of-accounts-and-lifestyling-of-stakeholder-ctfs .