# The Individual Savings Account (Amendment No. 2) Regulations 2002

S.I. 2002/1974 · made 25 July 2002

These Regulations, which come into force on 1st October 2002, amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870, amended by S.I. 1998/3174, 2000/809, 2079, 3112, 2001/908, 2002/453). The principal effect of the amendments is to provide that the time for implementation of transfer instructions or withdrawal instructions given by an account investor in an ISA is that specified by the investor in those instructions (subject to a reasonable business period for practical implementation, of a maximum of 30 days, which the manager may specify).

Made under: Income and Corporation Taxes Act 1988 (Section 333); Taxation of Chargeable Gains Act 1992 (Section 151)

PDFs: Printed copy https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2002/pdf/uksi_20021974_en.pdf

## Introductory text

INCOME TAX
Made 25th July 2002
Laid before the House of Commons 25th July 2002
Coming into force 1st October 2002
The Treasury, in exercise of the powers conferred on them by section 333 of the Income and Corporation Taxes Act 1988, section 151 of the Taxation of Chargeable Gains Act 1992 and section 75 of the Finance Act 1998, hereby make the following Regulations:

## 1 Citation and commencement

(1) These Regulations may be cited as the Individual Savings Account (Amendment No. 2) Regulations 2002.
(2) These Regulations shall come into force on 1st October 2002 and shall apply to all accounts, whether set up before or after that date.

## 2 Interpretation

In these Regulations “the principal Regulations” means the Individual Savings Account Regulations 1998 and “regulation” means a regulation of the principal Regulations.

## 3 Amendments to the principal Regulations

(1) Amend regulation 4 as follows.
(2) In paragraph (6)(f)—
(a) for the words from “at” to “agreed” substitute “on the instructions of the account investor (“the transfer instructions”) and within such time as is stipulated by the account investor in the transfer instructions”;
(b) for the word “may” (where it secondly appears) substitute “shall”.
(3) After paragraph (6)(f) insert—
“(fa) that on the instructions, subject to regulation 9(3)(b), of the account investor (“the withdrawal instructions”) and within such time as is stipulated by the account investor in the withdrawal instructions, account investments, interest, dividends, rights or other proceeds in respect of such investments or any cash shall be transferred or paid to him;”
(4) After paragraph (6) insert—
“(7) The time stipulated in transfer instructions or withdrawal instructions shall be subject to any reasonable business period (not exceeding 30 days) of the account manager required for the practical implementation of the instructions.”

## 4 Amendments to the principal Regulations

Omit regulation 12(3)(g)(iii).

## 5 Amendments to the principal Regulations

Omit regulation 13(4)(h)(iii).

## Signature

Jim Fitzpatrick
Philip Woolas
Two of the Lords Commissioners of Her Majesty’s Treasury
25th July 2002

## Explanatory note

(This note is not part of the Regulations)
These Regulations, which come into force on 1st October 2002, amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870, amended by S.I. 1998/3174, 2000/809, 2079, 3112, 2001/908, 2002/453). The principal effect of the amendments is to provide that the time for implementation of transfer instructions or withdrawal instructions given by an account investor in an ISA is that specified by the investor in those instructions (subject to a reasonable business period for practical implementation, of a maximum of 30 days, which the manager may specify).

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Source: https://www.legislation.gov.uk/uksi/2002/1974 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-2-regulations-2002
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.