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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Individual Savings Account (Amendment) Regulations 2018 No. 359 URL: http://www.bailii.org/uk/legis/num_reg/2018/uksi_2018359_en_1.html |
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Statutory Instruments
Income Tax
Capital Gains Tax
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).
1. These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2018 and come into force on 6th April 2018.
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
(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.
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).
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).
S.I.1998/1870. Relevant amending instruments are: S.I. 2011/1780, 2017/186, 2017/466 and 2017/1089.
Regulation 2G was inserted by S.I. 2017/1089.