# The Individual Savings Account (Amendment) Regulations 2018 S.I. 2018/359 · made 12 March 2018 These Regulations amend the Individual Savings Account Regulations 1998 (S.I.1998/1870). They provide for the annual limit on subscriptions to a junior ISA account to be increased from £4,128 to £4,260 (regulation 4). They provide for amendments to requirements relating to returns of information by an account manager (regulations 3 and 5), an extension of time for the payment by an account manager of a withdrawal charge (regulation 6(a)) and for the manner of payments to be made to the Board (regulation 6(b)). Made under: Taxation of Chargeable Gains Act 1992 (Section 151); Income Tax (Trading and Other Income) Act 2005 (Section 694, Section 695, Section 696, Section 701); Savings (Government Contributions) Act 2017 (Section 1, Section 4, Schedule 1 paragraph 2) PDFs: Printed copy https://openlegislation.uk/individual-savings-account-amendment-regulations-2018/pdf/uksi_20180359_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/individual-savings-account-amendment-regulations-2018/pdf/uksiem_20180359_en.pdf ## Introductory text Income Tax Capital Gains Tax Made 12th March 2018 Laid before the House of Commons 13th March 2018 Coming into force 6th April 2018 The Treasury make these Regulations in exercise of the powers in section 151 of the Taxation of Chargeable Gains Act 1992, sections 694, 695 to 696 and 701 of the Income Tax (Trading and Other Income) Act 2005 and sections 1(2) and 4(3) and (6) of, and paragraph 2(2) of Schedule 1 to, the Savings (Government Contributions) Act 2017. ## 1 Citation and commencement These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2018 and come into force on 6th April 2018. ## 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 In regulation 2G(6) (continuing account of a deceased investor and administration-period investments)— (a) insert at the end of sub-paragraph (b) “and”; and (b) omit from “, and” in sub-paragraph (c) to the end of the regulation. ## 4 Amendment of the Individual Savings Account Regulations 1998 In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,128” substitute “£4,260”. ## 5 Amendment of the Individual Savings Account Regulations 1998 In regulation 31 (returns of information by account manager) — (a) in paragraph (1B) for “14” substitute “60”; and (b) after paragraph (1B) insert— “(1C) The Board may authorise an extension of any period of time provided for under this regulation.”. ## 6 Amendment of the Individual Savings Account Regulations 1998 In the Schedule — (a) in paragraph 14(1) (payment to the Board of withdrawal charges) for “14” substitute “28”; and (b) in paragraph 15 (payments and interest) insert after sub-paragraph (3)— “(4) Payments are to be made to the Board in the manner specified by it from time to time.”. ## Signature Paul Maynard David Rutley Two of the Lords Commissioners of Her Majesty’s Treasury 12th March 2018 ## 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 annual limit on subscriptions to a junior ISA account to be increased from £4,128 to £4,260 (regulation 4). They provide for amendments to requirements relating to returns of information by an account manager (regulations 3 and 5), an extension of time for the payment by an account manager of a withdrawal charge (regulation 6(a)) and for the manner of payments to be made to the Board (regulation 6(b)). 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. --- Source: https://www.legislation.gov.uk/uksi/2018/359 (the official version) Page: https://openlegislation.uk/individual-savings-account-amendment-regulations-2018 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.