2020 No. 261
Income Tax
Capital Gains Tax

The Individual Savings Account (Amendment No. 2) Regulations 2020

Made
Laid before House of Commons
Coming into force
The Treasury, in exercise of the powers conferred by section 151(1) and (2) of the Taxation of Chargeable Gains Act 19921 and section 694(1) and (3) of the Income Tax (Trading and Other Income) Act 20052, make the following Regulations.

Citation and commencement

1.

These Regulations may be cited as the Individual Savings Account (Amendment No. 2) Regulations 2020 and come into force on 6th April 2020.

Amendment of the Individual Savings Account Regulations 1998

2.

The Individual Savings Account Regulations 19983 are amended as follows.

3.

In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,368” substitute “£9,000”.

Iain Stewart
David Rutley
Two of the Lord Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870). They provide for the annual limit on subscriptions to a junior ISA account to be increased from £4,368 to £9,000 (regulation 3).

A Tax Information and Impact Note will be published on the HM Government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.