Continuing account of a deceased investor and administration-period investments2G

1

This regulation applies to an account, other than a junior ISA account, when the account investor has died (“continuing account of a deceased investor”).

2

Investments held in such an account are to be administration–period investments as a result of section 694A(4) or (5) of ITTOIA 2005 for the period beginning on the death of the account investor and ending on the earlier of—

a

the completion of the administration of the deceased’s estate,

b

the day falling on the third anniversary of the death, or

c

the closure of the account within the meaning of regulation 4B(3)(a).

3

A continuing account of a deceased investor is to cease to be such an account at the end of the period referred to in paragraph (2).

4

Notwithstanding any other provision of these Regulations—

a

no subscription or qualifying addition is to be made to a continuing account of a deceased investor, and

b

no transfer is to be made of a continuing account of a deceased investor otherwise than a transfer when regulation 17, 19 or 20 applies.

5

In relation to a continuing account of a deceased investor, wherever the following expressions occur in these Regulations—

a

“investments”, “account investments”, “qualifying investments”, “investments under an account”, or any other description of an account investment, includes administration-period investments,

b

“account investor”, “applicant”, or any other description of an account investor, includes any person within the description of section 694A(2) of ITTOIA 2005 and, in the case of regulations 22 and 36(3), also any person referred to in section 694A(1) of that Act, and

c

“account”, “Lifetime ISA”, or any reference to a scheme of investment, includes a continuing account of a deceased investor, notwithstanding that no subscription or qualifying addition can be made to it.

6

In relation to a continuing account of a deceased investor—

a

regulations 4(6)(a) and (f) (except in relation to a transfer when regulation 17, 19 or 20 applies), 12(3)(f) and (6)(a) and 12B(8)(a) and (c) do not apply,

b

in regulation 7(2)(h)(iii), the phrase “but have remained in the beneficial ownership of the participant” is to be treated as omitted,

c

in regulation 21(4D), after “made on a transfer”, there is to be treated as inserted “and is a continuing account of a deceased investor”, and

d

in regulations 21(6), 21A(3) and 31(3)—

i

in sub-paragraphs (a)(i) and (ii), the information to be provided concerns any person within the description of section 694A(2) of ITTOIA 2005, and

ii

in sub-paragraphs (a)(iii) and (iv), the information to be provided concerns the deceased investor.