This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870: “the principal Regulations”), to provide new rules for the structure of individual savings accounts (“ISAs”) and increased subscription limits, with effect from 6th April 2008.
Regulation 1 provides for citation and commencement and regulation 2 for amendment of the principal Regulations.
Regulation 3 revises the definition of “account” to include personal equity plans (treated from 6th April 2008 as stocks and shares ISAs) and removes an obsolete definition of TESSAs. Regulation 4 makes other technical drafting changes to definitions.
Regulation 5 provides new general conditions which ISAs and subscriptions to them have to satisfy. It allows a qualifying individual to subscribe to two ISAs in a tax year, one a cash ISA and the other a stocks and shares ISA.
Regulation 6 provides new subscription limits, for each account and the overall subscription limit for the investor. The former time limitations on those subscription limits are removed.
Regulation 7 amends Regulation 4A of the principal Regulations (repair of certain incompatible accounts) to cover certain invalid subscriptions under the new structural rules for ISAs, and regulation 8 makes similar amendments to Regulation 4B (closing followed by opening of accounts).
Regulation 9 provides for the conversion of maxi-accounts, mini-accounts and TESSA only accounts (under the old structural rules) into stocks and shares accounts and cash accounts.
The remaining regulations make technical amendments to the principal Regulations, to reflect the new structural rules and the fact that PEPs will become ISAs from 6th April 2008. Regulation 18 in particular amends the rules for transfers relating to accounts, and allows the transfer of existing savings from a cash ISA to a stocks and shares ISA.
A Regulatory Impact Assessment on the effect of this instrument and S.I. 2007/2120 is available at http:www.hm-treasury.gov.uk/documents/financial_services/savings/topics_savings_isas.cfm
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