Explanatory note

These Regulations amend the National Savings Regulations 2015 (S.I. 2015/623) (“the 2015 Regulations”).

Regulation 2(2)(a) of these Regulations amends regulation 25(2) of the 2015 Regulations (deposits to individual savings accounts) by removing reference to the minimum age to open an adult ISA of 16 years old and replacing it with a reference to the minimum age in accordance with the Individual Savings Account Regulations 1998 (S.I. 1998/1870) (“the 1998 Regulations”). The 1998 Regulations specify different applicable ages according to the type of product, and this amendment allows for consistency between the two Regulations by not prescribing a separate age requirement.

Regulation 2(2)(b) of these Regulations revokes regulation 25(7) of the 2015 Regulations. This removes the prohibition on depositors opening more than one ISA in a financial year which is consistent with the 1998 Regulations.

A full impact assessment has not been produced for this instrument as measures affecting businesses that are acting on behalf of a public authority are excluded under section 27 of the Small Business, Enterprise and Employment Act 2015.