2012 No. 705
Income Tax
Capital Gains Tax

The Individual Savings Account (Amendment) Regulations 2012

Made
Laid before the House of Commons
Coming into force
The Treasury, in exercise of the powers conferred by section 694 of the Income Tax (Trading and Other Income) Act 20051 and section 151 of the Taxation of Chargeable Gains Act 19922 make the following Regulations:

Citation and commencement1.

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2012 and shall come into force on 6th April 2012.

Amendments to the Individual Savings Account Regulations 19982.

Regulation 4ZA of the Individual Savings Account Regulations 19983 (subscriptions to an account other than a junior ISA account) is amended as follows—

(a)

in paragraph (1)(a), for “£5,340” substitute “£5,640”; and

(b)

in paragraph (1)(b), for “£10,680” substitute “£11,280”.

James Duddridge
Jeremy Wright
Two of the Lords Treasury Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations, which come into force on 6th April 2012, amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870) (“the ISA Regulations”) by increasing the overall subscription limit for ISA accounts other than a junior ISA.

Regulation 2(a) increases the subscription limit in regulation 4ZA(1)(a) of the ISA Regulations from £5,340 to £5,640 for qualifying individuals aged 16 or over but less than 18.

Regulation 2(b) increases the subscription limit in regulation 4ZA(1)(b) of the ISA Regulations from £10,680 to £11,280 for all other qualifying individuals.

In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as it gives effect to policy previously announced on 18 October 2011, which is available on the HMRC website at http://www.hm-treasury.gov.uk/press_115_11.htm.