# The Individual Savings Account (Amendment No. 3) Regulations 2015

S.I. 2015/941 · made 26 March 2015

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1450) to make them compatible with the transfer of child trust funds to junior ISAs under regulation 20A of the Child Trust Funds Regulations 2004 (S.I. 2004/1450).

Made under: Income Tax (Trading and Other Income) Act 2005 (Section 694, Section 695, Section 696, Section 697, Section 698, Section 699, Section 701); Taxation of Chargeable Gains Act 1992 (Section 151)

PDFs: Printed copy https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2015/pdf/uksi_20150941_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2015/pdf/uksiem_20150941_en.pdf

## Introductory text

Income Tax
Capital Gains Tax
Made 26th March 2015
Laid before the House of Commons 27th March 2015
Coming into force 6th April 2015
The Treasury, in exercise of the powers conferred by sections 694 to 699 and 701 of the Income Tax (Trading and Other Income) Act 2005 and section 151 of the Taxation of Chargeable Gains Act 1992 make the following Regulations:

## 1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2015 and come into force on 6th April 2015.

## 2 Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998 are amended as follows.

## 3 Amendment of the Individual Savings Account Regulations 1998

After regulation 5D(2), insert—
“(3) A subscription to an account held by an account investor is made in accordance with this regulation if it comprises a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004.”.

## 4 Amendment of the Individual Savings Account Regulations 1998

(1) In regulation 12A(1), after the fourth use of “account”, insert “or by the holder of a junior ISA account arising from a transfer provided for by regulation 20A of the Child Trust Funds Regulations 2004, or if the application is preliminary to such a transfer”.
(2) In regulation 12A(2), for “An eligible”, substitute “A”.
(3) After regulation 12A(3), insert—
“(3A) Except in the case of an account that will be held by an eligible child as mentioned in paragraph (1), the word “eligible” in paragraphs (4), (6), (7)(g), (h) and (i) and (8) must be disregarded.”.
(4) In regulation 12A(7)(c), after “2004” insert “(but this is not required if the person who will hold the account is already the holder of a junior ISA account arising from a transfer mentioned in paragraph (1), or if the application is preliminary to such a transfer)”.
(5) In regulation 12A(7)(d)(i), after “Kingdom” insert “(but this is not required if the application is preliminary to a transfer mentioned in paragraph (1))”.

## 5 Amendment of the Individual Savings Account Regulations 1998

In regulation 21(4B), omit “including regulation 31(1)(c)”.

## 6 Amendment of the Individual Savings Account Regulations 1998

(1) After regulation 21B(2), insert—
“(2A) Anything transferred to the account as part of the transfer mentioned in regulation 12A(1) is treated as previous years’ subscriptions for the purposes of this regulation.”.
(2) Omit regulation 21B(8B) to (8G).
(3) In regulation 21B(8H), omit “as described in paragraph (8B)(a)”.

## 7 Amendment of the Individual Savings Account Regulations 1998

In regulation 21B(11)(a)(iv), after “(if any)” and in regulation 31(3)(a)(iv), after “number”, insert “(otherwise, any unique reference number he may have had as mentioned in the Child Trust Funds Regulations 2004)”.

## Signature

David Evennett
Gavin Barwell
Two of the Lords Commissioners of Her Majesty’s Treasury
26th March 2015

## Explanatory note

(This note is not part of the Regulations)
These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1450) to make them compatible with the transfer of child trust funds to junior ISAs under regulation 20A of the Child Trust Funds Regulations 2004 (S.I. 2004/1450).
A Tax Information and Impact Note covering this instrument has been published at: https://www.gov.uk/government/publications/child-trust-funds-and-junior-individual-savings-account-account-transfers-management-of-accounts-and-lifestyling-of-stakeholder-ctfs .

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Source: https://www.legislation.gov.uk/uksi/2015/941 (the official version)
Page: https://openlegislation.uk/individual-savings-account-amendment-no-3-regulations-2015
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.