# The Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020

S.I. 2020/506 · made 13 May 2020 · revised to 4 June 2020

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870).

PDFs: Printed copy https://openlegislation.uk/individual-savings-account-amendment-no-3-coronavirus-regulations-2020/pdf/uksi_20200506_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/individual-savings-account-amendment-no-3-coronavirus-regulations-2020/pdf/uksiem_20200506_en.pdf

## Introductory text

Income Tax
Capital Gains Tax
Made 13th May 2020
Laid before the House of Commons 14th May 2020
Coming into force 4th June 2020
The Treasury, in exercise of the powers conferred by section 151 of the Taxation of Chargeable Gains Act 1992 , sections 694, 695 and 701 of the Income Tax (Trading and Other Income) Act 2005 and paragraph 8 of Schedule 1 to the Savings (Government Contributions) Act 2017 , make the following Regulations.

## 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment No. 3) (Coronavirus) Regulations 2020 and come into force on 4th June 2020.

## 2 Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

## 3 

In the Schedule, after paragraph 5, insert—
“
5A Notwithstanding paragraph 5, the specified percentage in respect of the period beginning on 6th March 2020 and ending on 5th April 2021 is 20%.”.

## Signature

Maggie Throup
Iain Stewart
Two of the Lord Commissioners of Her Majesty's Treasury
13th May 2020

## 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 withdrawal charge in respect of a Lifetime ISA for the period beginning on 6th March 2020 and ending on 5th April 2021 to be reduced from 25% to 20%.
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.

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Source: https://www.legislation.gov.uk/uksi/2020/506 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-3-coronavirus-regulations-2020
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.