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The Individual Savings Account (Amendment No. 2) Regulations 2009
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- 2009 No. 1994
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870: “the principal Regulations”). The main effect of these Regulations is to allow individuals who had ISAs with Icesave Bank (suspended on 8th October 2008) to reinvest up to the closing balance of their accounts in an ISA managed by another account manager, not later than 5th October 2009. Such reinvestments have already taken place under the terms of ISA Bulletins 6, 9 and 13. The new regulation 5A therefore has effect from 8th October 2008 (before these Regulations are made) and makes provision which does not impose or increase any liability to tax. In these circumstances, authority to make retrospective provision is conferred by section 701(4) of the Income Tax (Trading and Other Income) Act 2005 (inserted by section 40 of the Finance Act 2008).
Regulation 1 provides for citation, commencement and effect. Regulation 2 provides for amendment of the principal Regulations.
Regulations 3, 4, 6 and 9 up-date references in the principal Regulations to certain collective investment schemes, and enable shares and units in all non-EU EEA countries’ UCITS (undertakings for collective investments in transferable securities) to be qualifying investments within UK ISAs.
Regulation 5 makes the provision for reinvestment of balances in Icesave accounts in ISAs, with different calculations of the sum which may be invested for the tax year 2008-09 (allowing for any subscriptions to the Icesave account in that year) and 2009-10.
Regulation 7 brings the procedures for non-written applications to open ISAs into line with the procedures for Child Trust Funds (in particular where the applications are made by telephone).
Regulation 8 removes the requirement for a declaration by the account manager on the transfer of an account to another account manager, in order to facilitate electronic transfers of accounts.
A regulatory impact assessment on the effect of this instrument is available at http://www.hmrc.gov.uk/ria.index.htm
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