Regulation 3 Amendments to the Individual Savings Account Regulations 1998

in the definition of “account”, for “regulation 4(1)” substitute “regulation 4(1) and, where appropriate, regulation 2B(b)”;

for the definition of “account investor” substitute—

• “an “account investor” has the meaning given in regulation 2A;”;

after the definition of “building society bonus” insert—

• ““business day” means any day except—

  1. (a)

     a Saturday, Sunday, Good Friday or Christmas Day;

  2. (b)

     a bank holiday under the Banking and Financial Dealings Act 1971^f1;”;

after the definition of “ceasing to be subject to the plan” insert—

• ““child” means an individual under 18;”;

after the definition of “EEA State” insert—

• ““eligible child” means a child—

  1. (a)

     born—

     1. (i)

        on or after 3rd January 2011; or

     2. (ii)

        before the time mentioned in paragraph (i) but who is not an “eligible child” within the meaning given in the Child Trust Funds Act 2004^f2; and

  2. (b)

     who, at the time when the application to open an account pursuant to a junior ISA application described in regulation 12A is made, is—

     1. (i)

        resident and ordinarily resident in the United Kingdom;

     2. (ii)

        a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 2003^f3;

     3. (iii)

        married to, or in a civil partnership with, a person mentioned in paragraph (ii); or

     4. (iv)

        a dependant of a person mentioned in paragraph (ii);”;

after the definition of “ITTOIA 2005” insert—

• ““junior ISA account” has the meaning given in regulation 2B;”;

after the definition of “market value” insert—

• ““named child” means a child who holds an account opened pursuant to a junior ISA application described in regulation 12A;”;

after the definition of “notice” insert—

• ““parental responsibility” means—

  1. (a)

     parental responsibility within the meaning of the Children Act 1989^f4 or the Children (Northern Ireland) Order 1995^f5, or

  2. (b)

     parental responsibilities within the meaning of the Children (Scotland) Act 1995^f6;”;

in the definition of “qualifying distribution” for “section 832(1) of the Taxes Act” substitute “section 1136 of the Corporation Tax Act 2010^f7”;

in the definition of “recognised stock exchange” for “section 841 of the Taxes Act” substitute “section 1005 of ITA 2007^f8”; and

after the definition of “relevant European institution” insert—

• ““responsible person” means a person who is the responsible person in respect of the management of a junior ISA account in accordance with regulation 2C(4);”.