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The Individual Savings Account Regulations 1998

S.I. 1998/1870 · Made 31 July 1998 · Extends to United Kingdom

Not fully up to date. 35 changes made by later legislation have not yet been written into this text, which is revised to 6 April 2026.

See the changes not yet applied
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reg. 31(4)(a)(ix)(x)insertedIndividual Savings Account 2026 reg. 18
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INCOME TAX

Made 31st July 1998

Laid before the House of Commons 31st July 1998

Coming into force In accordance with regulation 1

The Treasury, in exercise of the powers conferred on them by sections 333, 333A and 333B of the Income and Corporation Taxes Act 1988M1, section 151 of the Taxation of Chargeable Gains Act 1992M2 and sections 75 and 76(3) of the Finance Act 1998, hereby make the following Regulations:C1C2C3

Annotations to the whole text

Marginal citations

M1

1988 c.1; section 333 was amended by section 70 of the Finance Act 1991 (c.31) and by sections 75 and 123(7) of the Finance Act 1998 (c.36). Section 333A was inserted by section 64(1) of the Finance Act 1995 (c.4). Section 333B was inserted by section 77(1) of the Finance Act 1998.

M2

1992 c.12; section 151 was amended by section 85 of the Finance Act 1993 (c.34), by section 64(2) of the Finance Act 1994 (c.9), and by section 75(6) of the Finance Act 1998, and was extended by section 123(7) of the Finance Act 1998.

Modifications

C1

Regulations applied (with modifications) (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.

C2

Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C3

Regulations applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 2AMeaning of account investor
  4. 2BMeaning of junior ISA account
  5. 2CMeaning of “registered contact” etc.
  6. 2DRegulations that do not apply to junior ISA accounts
  7. 2EContracts entered into by or on behalf of a child who is 16 or over
  8. 2FSpecial provision in respect of Looked After Children
  9. 2GContinuing account of a deceased investor and administration-period investments
  10. 3Introductory
  11. 4General conditions for accounts and subscriptions to accounts
  12. 4ZASubscriptions to an account other than a junior ISA account
  13. 4ZBSubscriptions to a junior ISA account
  14. 4ZCInalienability of a junior ISA account
  15. 4ZDPermitted withdrawals from a junior ISA account
  16. 4ZEPermitted withdrawals from a junior ISA account where the named child is terminally ill
  17. 4ARepair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts
  18. 4AAApplication of the repair provisions to Lifetime ISAs
  19. 4BClosure of cash account that is not a junior ISA account prior to the opening of the same type of account to be disregarded once Repealed
  20. 4CRemoval of insurance components at 6th April 2005 Repealed
  21. 4DRemoval of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008 Repealed
  22. 5ATreatment of sums held in accounts managed by Icesave Bank Repealed
  23. 5BTreatment of certain sums held in accounts managed by Keydata Investment Services Limited Repealed
  24. 5CTreatment of certain sums held in dormant accounts
  25. 5DSubscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB
  26. 5DZTreatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)
  27. 5DZATreatment of ISA where funds transferred under regulation 13B(2)(b) of the Child Trust Funds Regulations (maturity of child trust fund - no instructions)
  28. 5DADefaulted cash account subscription
  29. 5DAADefaulted Lifetime ISA subscription
  30. 5DBDefaulted investment subscription
  31. 5DCDefault event in respect of cash account
  32. 5DDDefaulted investment payment
  33. 5DDAAdditional permitted subscription to an account other than a junior ISA account
  34. 5DDBFlexible account
  35. 5DDCAdditional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA
  36. 5DEAdditional permitted subscription to a junior ISA account
  37. 5DFInformation required by regulation 5D
  38. 5DFADeclarations required by regulation 5D
  39. 5DFBNotices required by regulation 5D
  40. 5DFCNotices required by regulation 5D
  41. 5DFDNotices required by regulation 5D
  42. 5DGSingle regulation 5D subscription
  43. 5DHDefault event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012
  44. 5DISpecial provision in respect of Lehman Brothers investments and Keydata investments
  45. 5DJSpecial application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment
  46. 5DKDeemed defaulted investment payment in respect of a Lehman Brothers investment
  47. 5DLSpecified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment
  48. 5DMSpecial application of regulations 5DJ to 5DL in respect of a Keydata investment
  49. 5ESubscriptions made by account investors issued with certificates by Royal Bank of Scotland Group disregarded for the purposes of regulations 4ZA and 31(3)(c)(ii)
  50. 5Transfers from matured tax-exempt special savings accounts Repealed
  51. 6General investment rules
  52. 7Qualifying investments for a stocks and shares component
  53. 8Qualifying investments for a cash component
  54. 8ZAQualifying investments for a Lifetime ISA component
  55. 8AQualifying investments for an innovative finance component
  56. 9Insurance policies
  57. 10Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA
  58. 10ALifetime ISA qualifying individuals who may invest under a Lifetime ISA
  59. 11Account investor ceasing to qualify
  60. 12Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA
  61. 12AConditions for application to open an account that is a junior ISA account
  62. 12BConditions for application to open an account that is a Lifetime ISA
  63. 13Application by curator bonis Repealed
  64. 14Account manager—qualifications and Board’s approval
  65. 15Special requirements relating to insurer-managers
  66. 16Account manager—appointment of tax representative
  67. 17Account manager—withdrawal by Board of approval
  68. 17AAccount manager – withdrawal by Board of approval of junior ISA manager
  69. 18Account manager—appeal against withdrawal of Board’s approval
  70. 19Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager
  71. 20Account manager ceasing to qualify
  72. 21Transfers relating accounts other than junior ISA accounts
  73. 21AFurther requirements relating to transfers between cash accounts
  74. 21BTransfers relating to junior ISA accounts
  75. 21CRepair of invalid junior ISA accounts
  76. 22Exemption from tax of account income and gains
  77. 23Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account Repealed
  78. 24Tax liabilities and reliefs—account manager to act on behalf of account investor
  79. 25Repayments in respect of tax to account manager—interim claims
  80. 26Repayments in respect of tax to account manager—annual returns and annual claims
  81. 27Account manager’s returns and claims—supplementary provisions
  82. 28Assessments for withdrawing relief and recovering tax
  83. 29Records to be kept by account manager
  84. 30Information to be given to account investor by account manager in relation to an account that is not a junior ISA account
  85. 31Returns of information by account manager
  86. 32Information to be provided to the Board Repealed
  87. 33Inspection of records by officer of the Board Repealed
  88. 34Capital gains tax—adaptation of enactments
  89. 34ACapital gains tax–administration-period investment
  90. 35Administration of tax in relation to accounts—supplementary
  91. 36Application of the provisions of Chapter II of Part XIII of the Taxes Act and of Chapter 9 of Part 4 of ITTOIA 2005 to policies where an investor ceases to be or was not entitled to relief from tax
  92. 37Regulation 37
  93. Signature
  94. Schedule: LIFETIME ISA FURTHER PROVISION
  95. 1Interpretation
  96. 2Government bonus claim
  97. 3Rejection of government bonus claim
  98. 4Specified age; terminal illness; transfer to another Lifetime ISA-no withdrawal charge
  99. 5Specified percentage for withdrawal charge
  100. 5AParagraph 5A
  101. 6First-time residential purchase
  102. 7Definitions for the purposes of paragraph 6
  103. 8Specified information for the purposes of paragraph 6
  104. 9Information from conveyancer
  105. 10Purchase failure
  106. 11Amounts not treated as withdrawals
  107. 12Recoupment of government bonus payment
  108. 13Withdrawals: information returns
  109. 14Payment to the Board of withdrawal charges
  110. 15Payments and Interest
  111. 16Appeals
  112. 17Information to be given by account manager to account investor
  113. 18Extensions
  114. Explanatory note