The Individual Savings Account (Amendment) Regulations 2017

• Citation: S.I. 2017/186
• Sections: 8

Section 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2017 and come into force on 6th April 2017.

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

In regulation 2(1)(a) (interpretation) for the definition of “investment trust”, substitute—

“investment trust” means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010 ;

Section 4 Amendment of the Individual Savings Account Regulations 1998

In regulation 2F(2) (special provision in respect of Looked After Children) after sub-paragraph (a) insert —

(ab) looked after by a local authority within the meaning of section 74 of the Social Services and Well-being (Wales) Act 2014 ;

Section 5 Amendment of the Individual Savings Account Regulations 1998

In regulation 4ZA(1) (subscriptions to an account other than a junior ISA account) for “£15,240” substitute “£20,000”.

Section 6 Amendment of the Individual Savings Account Regulations 1998

In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,080” substitute “£4,128”.

Section 7 Amendment of the Individual Savings Account Regulations 1998

In regulation 14(2)(b)(i) (account manager-qualifications and Board’s approval) for “51” substitute “51ZA, 51ZC, 51ZE ” .

Section 8 Amendment of the Individual Savings Account (Amendment No. 2) Regulations 2016

In regulation 14(d) of the Individual Savings Account (Amendment No. 2) Regulations 2016 the sub-paragraph inserted into regulation 12(3) of the Individual Savings Account Regulations 1998 is to be renumbered “(fa)”.