{
  "url": "https://openlegislation.uk/individual-savings-account-regulations-1998/note",
  "json_url": "https://openlegislation.uk/individual-savings-account-regulations-1998/note.json",
  "legislation": "uksi/1998/1870",
  "legislation_title": "The Individual Savings Account Regulations 1998",
  "legislation_url": "https://openlegislation.uk/individual-savings-account-regulations-1998",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make provision for the setting up of accounts (Individual Savings Accounts) by account managers, to which an individual may make subscriptions, and through which those subscriptions are invested. The Regulations specify the individuals who may invest, permitted investments, and maximum investment limits, and provide for accounts to be managed by the account managers. The Regulations also make provision for relief from tax in respect of accounts, withdrawal of relief, and modifications of income tax and capital gains tax legislation in relation to accounts.\nRegulation 1 provides for the title to and commencement of the Regulations.\nRegulation 2 provides definitions.\nRegulation 3 gives a general introduction.\nRegulation 4 sets out general conditions for accounts and subscriptions to accounts.\nRegulation 5 provides for transfers from matured tax-exempt special savings accounts.\nRegulation 6 provides general rules for investment under accounts.\nRegulation 7 specifies permitted kinds of investment for a stocks and shares component.\nRegulation 8 specifies permitted kinds of investment for a cash component.\nRegulation 9 specifies permitted kinds of investment for an insurance component.\nRegulation 10 specifies the description of individuals who may be account investors.\nRegulation 11 provides for consequences when certain individuals become disqualified.\nRegulation 12 provides conditions for applications to subscribe to an account.\nRegulation 13 provides conditions for such applications by a curator bonis appointed in Scotland.\nRegulation 14 provides for approval of account managers by the Board.\nRegulation 15 provides special requirements for account managers who are certain types of insurers.\nRegulation 16 provides for the appointment of tax representatives for certain foreign account managers.\nRegulation 17 provides for the withdrawal of approval of an account manager in certain circumstances.\nRegulation 18 provides for an appeal against such a withdrawal.\nRegulation 19 requires a person to notify the Board and investors when ceasing to be an account manager.\nRegulation 20 provides circumstances in which a person shall cease to qualify as an account manager.\nRegulation 21 provides for transfers of accounts, and parts of accounts, from one to another account manager.\nRegulation 22 sets out the tax exemptions for account investors.\nRegulation 23 provides for a flat-rate charge to tax on interest on cash deposits held under a stocks and shares component or insurance component.\nRegulation 24 provides that the account manager may act on behalf of the account investor in respect of tax reliefs and liabilities under the account.\nRegulations 25, 26 and 27 provide for claims for relief from tax.\nRegulation 28 makes provision for the withdrawal of relief and the recovery of tax.\nRegulation 29 provides for the keeping of account records.\nRegulation 30 provides for notices, and certificates of tax deducted, to be given by account managers to investors.\nRegulation 31 provides for annual and quarterly returns by account managers.\nRegulations 32 and 33 empower the Board to obtain information and to inspect records.\nRegulation 34 adapts statutory capital gains tax provisions in relation to accounts.\nRegulation 35 makes supplementary provisions for tax administration in relation to accounts.",
  "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/1998/1870/note",
    "retrieved_at": "2026-10-29T11:24:14.041613+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."
}