OpenLegislation

The Individual Savings Account (Amendment) Regulations 2017

S.I. 2017/186 · Made 21 February 2017

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 21st February 2017

Laid before the House of Commons 22nd February 2017

Coming into force 6th April 2017

The Treasury make these Regulations in exercise of the powers in section 151 of the Taxation of Chargeable Gains Act 1992f1 and sections 694 and 695 to 699 and 701 of the Income Tax (Trading and Other Income) Act 2005f2.

Annotations to the whole text

Footnotes

f1

1992 c.12; section 151 was amended by section 85 of the Finance Act 1993 (c. 34), paragraph 436 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005, section 40(6) of the Finance Act 2011 (c. 11) and section 27(2) of the Finance Act 2016 (c. 24).

f2

2005 c. 5; sections 694 and 701 were amended by section 40 of the Finance Act 2011, sections 695 and 696 were amended by paragraphs 131 and 132 of Schedule 4 to the Commissioners for Revenue and Customs Act 2005 (c. 11), section 701(5) was inserted by section 40 of the Finance Act 2008 (c. 9).

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Individual Savings Account Regulations 1998
  3. 3Amendment of the Individual Savings Account Regulations 1998
  4. 4Amendment of the Individual Savings Account Regulations 1998
  5. 5Amendment of the Individual Savings Account Regulations 1998
  6. 6Amendment of the Individual Savings Account Regulations 1998
  7. 7Amendment of the Individual Savings Account Regulations 1998
  8. 8Amendment of the Individual Savings Account (Amendment No. 2) Regulations 2016
  9. Signature
  10. Explanatory note

1Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2017 and come into force on 6th April 2017.

2Amendment of the Individual Savings Account Regulations 1998

The Individual Savings Account Regulations 1998f1 are amended as follows.

3Amendment of the Individual Savings Account Regulations 1998

In regulation 2(1)(a) (interpretation) for the definition of “investment trust”, substitute—

  • ““investment trust” means an investment trust within the meaning of section 1158 of the Corporation Tax Act 2010f1;”.

4Amendment of the Individual Savings Account Regulations 1998

In regulation 2F(2) (special provision in respect of Looked After Children) after sub-paragraph (a) insert —

“(ab)

looked after by a local authority within the meaning of section 74 of the Social Services and Well-being (Wales) Act 2014f1;”.

5Amendment of the Individual Savings Account Regulations 1998

In regulation 4ZA(1) (subscriptions to an account other than a junior ISA account) for “£15,240” substitute “£20,000”.

6Amendment of the Individual Savings Account Regulations 1998

In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,080” substitute “£4,128”.

7Amendment of the Individual Savings Account Regulations 1998

In regulation 14(2)(b)(i) (account manager-qualifications and Board’s approval) for “51” substitute “51ZA, 51ZC, 51ZE ”f1.

8Amendment of the Individual Savings Account (Amendment No. 2) Regulations 2016

In regulation 14(d) of the Individual Savings Account (Amendment No. 2) Regulations 2016f1 the sub-paragraph inserted into regulation 12(3) of the Individual Savings Account Regulations 1998 is to be renumbered “(fa)”.

Signature

Robert Syms

Guto Bebb

Two of the Lords Commissioners of Her Majesty’s Treasury

21st February 2017

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account Regulations 1998 (S.I.1998/1870) (“the ISA Regulations”). They provide for the annual limit on subscriptions to an ISA account, other than a junior ISA account, to be increased from £15,240 to £20,000 and to a junior ISA account to be increased from £4,080 to £4,128 (regulations 5 and 6). They make minor changes as a result of changes to other legislation referred to in the ISA Regulations. Regulation 8 corrects a numbering error.

A Tax Information and Impact Note covering this Instrument will be published on the HM Government website at: https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.