OpenLegislation

The Individual Savings Account (Amendment) Regulations 2012

S.I. 2012/705 · Made 6 March 2012

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Income Tax

Capital Gains Tax

Made 6th March 2012

Laid before the House of Commons 7th March 2012

Coming into force 6th April 2012

The Treasury, in exercise of the powers conferred by section 694 of the Income Tax (Trading and Other Income) Act 2005f1 and section 151 of the Taxation of Chargeable Gains Act 1992f2 make the following Regulations:

Annotations to the whole text

Footnotes

f1

2005 c. 5. Section 694 was amended by section 40 of the Finance Act 2011 (c.11).

f2

1992 c. 12. Section 151 was amended by section 40 of the Finance Act 2011 (c.11).

Contents

  1. 1Citation and commencement
  2. 2Amendments to the Individual Savings Account Regulations 1998
  3. Signature
  4. Explanatory note

1Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2012 and shall come into force on 6th April 2012.

2Amendments to the Individual Savings Account Regulations 1998

Regulation 4ZA of the Individual Savings Account Regulations 1998f1 (subscriptions to an account other than a junior ISA account) is amended as follows—

(a)

in paragraph (1)(a), for “£5,340” substitute “£5,640”; and

(b)

in paragraph (1)(b), for “£10,680” substitute “£11,280”.

Signature

James Duddridge

Jeremy Wright

Two of the Lords Treasury Commissioners of Her Majesty’s Treasury

6th March 2012

Explanatory note

(This note is not part of the Regulations)

These Regulations, which come into force on 6th April 2012, amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870) (“the ISA Regulations”) by increasing the overall subscription limit for ISA accounts other than a junior ISA.

Regulation 2(a) increases the subscription limit in regulation 4ZA(1)(a) of the ISA Regulations from £5,340 to £5,640 for qualifying individuals aged 16 or over but less than 18.

Regulation 2(b) increases the subscription limit in regulation 4ZA(1)(b) of the ISA Regulations from £10,680 to £11,280 for all other qualifying individuals.

In line with government commitments, a Tax Information and Impact Note has not been prepared for this instrument as it gives effect to policy previously announced on 18 October 2011, which is available on the HMRC website at http://www.hm-treasury.gov.uk/press_115_11.htm.