The Individual Savings Account (Amendment No. 3) Regulations 2015

• Citation: S.I. 2015/941
• Sections: 7

Section 1 Citation and commencement

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

Section 2 Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

Section 3 Amendment of the Individual Savings Account Regulations 1998

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 .

Section 4 Amendment of the Individual Savings Account Regulations 1998

(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))”.

Section 5 Amendment of the Individual Savings Account Regulations 1998

In regulation 21(4B), omit “including regulation 31(1)(c)”.

Section 6 Amendment of the Individual Savings Account Regulations 1998

(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)”.

Section 7 Amendment of the Individual Savings Account Regulations 1998

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)”.