The Individual Savings Account (Amendment) Regulations 2009

• Citation: S.I. 2009/1550
• Sections: 9

Section 1 Citation, commencement and effect

(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 6 th April 2010.

(4) Regulations 7 to 9 have effect for the tax year 2010-11 and succeeding tax years.

Section 2 Amendments to the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

Section 3 Amendments having effect for the tax year 2009-10 (and in some cases succeeding tax years)

In regulation 4(2) (general conditions for accounts and subscriptions to accounts) —

(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 5 th April 2010, where it is £10,200, or

Section 4 Amendments having effect for the tax year 2009-10 (and in some cases succeeding tax years)

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 5 th April 2010, when he or she may invest £5,100 in the year 2009-10.”

Section 5 Amendments having effect for the tax year 2009-10 (and in some cases succeeding tax years)

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 5 th April 2010)”.

Section 6 Amendments having effect for the tax year 2009-10 (and in some cases succeeding tax years)

In regulation 10(2)(ca) (qualifying individuals who may invest under an account) for “other” substitute “applicable”.

Section 7 Amendments having effect for the tax year 2010-11 and succeeding tax years

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”.

Section 8 Amendments having effect for the tax year 2010-11 and succeeding tax years

In regulation 4(3) for “£3,600” substitute “£5,100”.

Section 9 Amendments having effect for the tax year 2010-11 and succeeding tax years

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”.