Explanatory note

These Regulations amend the National Savings Regulations 2015 (“2015 Regulations”)^f1.

Regulation 2(2) of these Regulations amends the 2015 Regulations by introducing a definition of a junior ISA account to distinguish it from other forms of individual savings accounts.

Regulation 2(3) of these Regulations amends the 2015 Regulations by removing certain restrictions on persons opening and depositing into a junior ISA account in the National Savings Bank^f2.

Regulation 2(3) of these Regulations amends the 2015 Regulations by disapplying, in relation to persons opening a junior ISA account in the National Savings Bank, the prohibition on people who are (1) not resident in the United Kingdom, (2) are between the ages of 16 and 18, and (3) are a dependant of a person who has general earnings from overseas Crown employment.

Regulation 2(3) of these Regulations amends the 2015 Regulations by disapplying, in relation to a junior ISA account in the National Savings Bank, the prohibition on deposits being made where the account holder is no longer resident in the United Kingdom.

A full impact assessment has not been produced for this instrument as no impact on the costs of the business, charity or the voluntary sectors is foreseen.