{
  "url": "https://openlegislation.uk/individual-savings-account-amendment-regulations-2016/note",
  "json_url": "https://openlegislation.uk/individual-savings-account-amendment-regulations-2016/note.json",
  "legislation": "uksi/2016/16",
  "legislation_title": "The Individual Savings Account (Amendment) Regulations 2016",
  "legislation_url": "https://openlegislation.uk/individual-savings-account-amendment-regulations-2016",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870) (“the principal regulations”).\nThe regulations amend the principal regulations to provide for the terms and conditions of an account (“flexible account”) to allow a saver to replace cash they have withdrawn from their account earlier in the year, without this replacement (“replacement subscription”) counting towards their annual subscription limit which is currently £15,240 under regulation 4ZA of the principal regulations (“annual subscription limit”). The provision for a flexible account does not apply to junior ISA accounts (defined in the principal regulations), which generally do not permit withdrawals to be made until the account matures. They also provide for an amount of up to an amount withdrawn from a Help to Buy ISA (defined in the Regulations), on the closure of that account, to be subscribed to an ISA account on the failure of a completion of a home without it counting for the purpose of the subscription limit under regulation 4ZA.\nRegulation 3 amends regulation 2 of the principal regulations relating to interpretation.\nRegulation 4 amends regulation 2D of the principal regulations by adding new regulation 5DDB and 5DDC as a regulation which does not apply to junior ISA accounts.\nRegulation 6 amends regulation 4B of the principal regulations, so that subscriptions under regulation 5D of the principal regulations which are to be disregarded for the purpose of the annual subscription limit are also to be disregarded for the purposes of regulation 4B.\nRegulation 7 amends regulation 5D of the principal regulations so that replacement subscriptions and subscriptions made on the closure of a Help to Buy ISA are to be disregarded for the purposes of the annual subscription limit.\nRegulation 10 inserts into the principal regulations new regulation 5DDB to provide for flexible accounts and new regulation 5DDC to provide for additional permitted subscriptions to be made on the closure of a Help to Buy ISA.\nRegulation 12 makes an amendment to regulation 10(2) of the principal regulations to enable a non-resident to make a subscription in accordance with regulation 5D.\nRegulation 16 amends regulation 31 in relation to the returns of information required from an account manager relating to certain subscriptions made in accordance with regulation 5D, so that, for example, the ‘net’ (rather than total) subscriptions made to the account are required to be reported and certain payments that do not count towards the annual subscription limit are excluded from the reporting requirement.\nRegulations 5, 8, 9, 11 and 13 to 15 make further minor and consequential amendments to the principal regulations.\nA Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2016/16/note",
    "retrieved_at": "2026-10-28T23:28:29.068931+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}