The Individual Savings Account (Amendment) Regulations 2011

• Citation: S.I. 2011/782
• Sections: 5

Section 1 Citation, commencement and effect

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2011 and shall come into force on 6th April 2011.

Section 2 Citation, commencement and effect

These Regulations have effect for the tax year 2011-2012 and all subsequent tax years.

Section 3 Amendments to the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

Section 4 Amendments to the Individual Savings Account Regulations 1998

For regulations 4(2) and (3) (general conditions for accounts and subscriptions to accounts) substitute—

(2) The overall subscription limit for any qualifying individual for any year (that is the aggregate of the qualifying individual’s subscriptions to all accounts in that year) is—

(a) where the qualifying individual is 16 years of age or over but less than 18 years of age at the end of the year, £5,340; and

(b) in all other cases, £10,680, but subject to paragraph (3).

(3) Where the qualifying individual is 18 years of age or over at the end of the year, the qualifying individual may only invest up to 50 per cent of the overall subscription limit specified in paragraph (2)(b) in any year to a cash account.

Section 5 Amendments to the Individual Savings Account Regulations 1998

Omit regulation 4(4) (general conditions for accounts and subscriptions to accounts).