The Individual Savings Account (Amendment) Regulations 2018

Citation and commencement

1.  These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2018 and come into force on 6th April 2018.

Amendment of the Individual Savings Account Regulations 1998

2.  The Individual Savings Account Regulations 1998(1) are amended as follows.

3.  In regulation 2G(6)(2) (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