The Individual Savings Account Regulations 1998

• “residential property owner” means an individual who owns as sole or joint owner an interest in residential property (including a legal interest in land acquired under the terms of a regulated home purchase plan or a shared ownership arrangement) which is—in England or Wales—freehold;leasehold, where the lease was originally granted for a term certain exceeding 21 years; orcommonhold;in Scotland, registered or recorded, or would be capable of being registered or recorded, as a right of absolute ownership in the Land Register of Scotland or General Register of Sasines in Scotland, as applicable;in Northern Ireland—freehold; orleasehold, where the lease was originally granted for a term certain exceeding 21 years; oran equivalent interest in land to the legal interests in land listed in paragraphs (a) to (c) under the laws of any jurisdiction outside the United Kingdom;

• “residential property” means a legal interest in land which comprises a building that is used or suitable for use as a dwelling, or is in the process of being constructed or adapted for such use; and

• “shared ownership arrangement” means an arrangement whereby a purchaser acquires from a housing association, local authority or other person a leasehold legal interest in a property which is specified in the sale and purchase agreement and the lease to be comprised of —a share for which the purchaser is required to pay a premium on completion, anda separate share in respect of which the purchaser is required to pay a periodic rent over the term of the lease.

Specified information for the purposes of paragraph 6

8

• (1) The information to be provided by the account investor to their conveyancer under this sub-paragraph is—

• (a) the amount of the withdrawal;

• (b) the full name and address details (including postcode) of the account manager and the account number of the Lifetime ISA to which the withdrawal relates;

• (c) a declaration that the account investor is a first-time buyer;

• (d) the full address details of the residential property;

• (e) the purchase price of the residential property;

• (f) a declaration that the withdrawal will only be used towards defraying the purchase price for the acquisition of the residential property;

• (g) a declaration that the account investor—

• (i) is not also claiming a bonus under a Help to Buy ISA (within the meaning of regulation 5DDC(6)); and

• (ii) has not received payment of such a bonus unless its full amount has been repaid to the scheme administrator of the Help to Buy ISA in accordance with applicable scheme rules;

• (h) if known, the name and address of the seller’s conveyancer for the acquisition to whom the amount of the withdrawal should be paid by the account investor’s conveyancer; and

• (i) a declaration that the provisions of paragraph 6(2) to (13) have been, or will on completion of the purchase, be complied with or, in the case of occupation under paragraph 6(9)(b), when that will take place.

• (2) The information to be provided by the account investor’s conveyancer to the account investor’s account manager under this sub-paragraph is—

• (a) a declaration that they are an eligible conveyancer;

• (b) a declaration that they have received the information under sub-paragraph (1) and sub-paragraph (3) relative to the account investor;

• (c) the purchase price of the residential property in question;

• (d) a declaration that the funds withdrawn from the Lifetime ISA will only be released towards defraying the purchase price for theacquisition of the residential property;

• (e) the account details where the withdrawal should be transferred; and

• (f) the conveyancer’s unique conveyancer registration number with the appropriate professional body.

• (3) Information provided under sub-paragraphs (1) and (2) must be accompanied by a declaration made by the individual providing it that it is true and complete to the best of the individual’s knowledge and belief.

Information from conveyancer

9

• (1) Within 10 business days after either of the events listed in sub-paragraph (2) the account investor must procure that the conveyancer provides the information referred to in sub-paragraph (3) to the account investor’s account manager of the Lifetime ISA from which the withdrawal for the acquisition was made.

• (2) The events referred to in sub-paragraph (1) are—

• (a) the purchase of the residential property being completed;

• (b) the purchase not completing within 90 days of the date of receipt of the withdrawal by the conveyancer or, if earlier, the withdrawal of the account investor or the seller from the sale and purchase of the residential property.

• (3) The information referred to in sub-paragraph (1) is—

• (a) in the case of a purchase completing—

• (i) the date of completion of the purchase;

• (ii) the account number of the Lifetime ISA from which the withdrawal was made; and

• (iii) the conveyancer’s unique conveyancer reference number with the appropriate professional body.

• (b) in the case of a purchase not completing,—

• (i) a declaration that the purchase of the residential property in question has not completed;

• (ii) the amount of the withdrawal that is being returned and, if it is not the full amount, an account of any shortfall;

• (iii) the name and address of the account investor;

• (iv) the account number of the Lifetime ISA from which the withdrawal was made;

• (v) the conveyancer’s unique conveyancer registration number with the appropriate professional body; and

• (c) in either of the events listed in sub-paragraph (2), a declaration, to the best of the individual’s knowledge and belief, as to whether any of the requirements of paragraph 6(2) to (13) has not been complied with or any information provided under paragraph 8 is not true or complete.

Purchase failure

10

• (1) Where a purchase fails to complete, the account investor must procure that the conveyancer, within 10 business days of either of the events listed in paragraph 9(2)(b), must return the full amount of the account investor’s withdrawal for the purchase to the account manager, to be held for the account investor in a Lifetime ISA.

• (2) If there is a shortfall in the amount returned to the account manager, that amount is to be treated for the purposes of paragraph 7(4) of Schedule 1 as a withdrawal to which paragraph 8(6) of that Schedule applies.

• (3) Where a person accountable under this paragraph is notified by the Board that an amount is due from them under it, that amount shall be treated for the purposes of Part 6 of the Management Act (collection and recovery) as if it were tax charged in an assessment and due and payable.

• (4) The time limits in sections 34, 36 and 40 of the Management Act, as they apply to assessments, apply to amounts payable under sub-paragraph (3).

• (5) Paragraph 16 (appeals) applies to any notification under this paragraph.

• (6) The effect of any notification is suspended by an appeal under paragraph 16 until the appeal is determined or withdrawn.

Amounts not treated as withdrawals

11

For the purposes of paragraphs 7(2) and 11(b) of Schedule 1, withdrawals, removals or losses from a Lifetime ISA do not count for the application of a withdrawal charge if they are in respect of—

• (a) a payment (including a government bonus) to an invalid account under regulation 4A or 4AA;

• (b) excess payments and their proceeds described in regulation 4AA;

• (c) any fees or charges properly levied or charged in respect of the management by the account manager of a Lifetime ISA and account investments in accordance with their terms and conditions;

• (d) a default event under regulation 5DC or in respect of an act or omission or circumstance not attributable to the account investor; or

• (e) an amount recouped in accordance with paragraph 12.

Recoupment of government bonus payment

12

• (1) Where an amount has been wrongly paid by way of government bonus, the amount must be accounted for to the Board by—

• (a) the account manager of the Lifetime ISA (to the extent that assets relating to the account, or directly or indirectly representing the amount, are in the account manager’s possession or control);

• (b) the person who is the account investor (to the extent that the amount has been made or credited to the account investor); and

• (c) any person in whom the amount, or any property directly or indirectly representing any of it, is vested (whether beneficially or otherwise);

and the persons under (a), (b) and (c) shall be jointly and severally liable for the repayment of the amount (subject to the limitation applying under sub-paragraphs (a) and (b)).

• (2) Where a person accountable under this paragraph is notified by the Board that an amount is due from them that amount shall be treated for the purposes of Part 6 of the Management Act as if it were tax charged in an assessment and due and payable.

• (3) The time limits in sections 34, 36 and 40 of the Management Act, as they apply to assessments, apply to amounts payable under this paragraph.

• (4) Paragraph 16 (appeals) applies to any notification under this paragraph.

• (5) The effect of sub-paragraph (2) is suspended by an appeal under paragraph 16 until the appeal is determined or withdrawn.

Withdrawals: information returns

13

• (1) For the purposes of paragraph 9(1)(a) of Schedule 1, within 14 days after the end of a claim period, a person who is or was an account manager of a Lifetime ISA during that period must submit to the Board returns of information relating to the Lifetime ISA in respect of that period.

• (2) The Board may from time to time specify—

• (a) the information to be included in a return;

• (b) the form of a return;

• (c) the form or manner in which a return is to be submitted; and

• (d) the period to which a return must relate.

• (3) Where a return has been made and the account manager becomes aware within four years after the end of the claim period that—

• (a) anything which should have been included in the return has not been so included,

• (b) anything which should not have been included in the return has been so included, or

• (c) any other error has occurred in the return,

the account manager must correct the error without delay.

• (4) The Board may enquire into a return if the Board has reasonable grounds for believing that an error has occurred in the return and give notice to the account manager of the Board’s intention to do so no later than 12 months after the date on which the return is made.

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payment to the Board of withdrawal charges

14

• (1) For the purpose of paragraph 9(1)(e) of Schedule 1, an account manager liable under paragraph 8(3)(b) of that Schedule must pay to the Board within 28 days after the end of each claim period the amounts due in respect of the period.

• (2) Where a person accountable under paragraph 8 of Schedule 1 is notified by the Board that an amount is due from them, that amount shall be treated for the purposes of Part 6 of the Management Act as if it were tax charged in an assessment and due and payable.

• (3) The time limits in sections 34, 36 and 40 of the Management Act, as they apply to assessments, apply to amounts payable under sub-paragraph (2).

• (4) An account investor may apply to the Board where a withdrawal charge has been wrongly made (including, without limitation, in circumstances not attributable to the account investor where paragraphs 4(2) or (3) would otherwise apply) for a refund of the amount of the withdrawal charge.

• (5) An application under sub-paragraph (4) must be made within 4 years after the making of the withdrawal charge.

• (6) If an application is made, the Board must make any necessary repayment of the charge.

• (7) Paragraph 16 (appeals) applies to any decision of the Board in relation to a notification under sub-paragraph (2) or an application under sub-paragraph (4).

• (8) The effect of any notification under sub-paragraph (2) is suspended by the making of an appeal under paragraph 16 until the appeal is determined or withdrawn.

• (9) The effect of any decision in relation to an application under sub-paragraph (4) is not suspended by the making of an appeal in relation to such an application.

• (10) A transfer from a Lifetime ISA to an account other than another Lifetime ISA of the account investor is to be treated as a withdrawal.

Payments and Interest

15

• (1) Any amount which is payable by virtue of an assessment made, or treated as made, under this Schedule is payable on the day following the end of the period of 30 days beginning with the day on which the notice of assessment is given.

• (2) Sections 101 and 103 of the Finance Act 2009 apply for late payment interest on any amount that is payable to the Board under this Schedule which amount payable for this purpose is to be treated as income tax.

• (3) Sections 102 and 103 of that Act apply for repayment interest on any amount that is payable by the Board under this Schedule which amount payable is to be treated as a repayment of an overpayment of income tax.

• (4) Payments are to be made to the Board in the manner specified by it from time to time.

Appeals

16

• (1) This paragraph applies to a review or appeal in respect of a decision made or notification given by the Board under any of paragraphs 3 (rejection of government bonus claim), 10 (purchase failure), 12 (recoupment of government bonus), 14 (withdrawal charges) and 15(1) (payments and interest).

• (2) Notice of an appeal must be given to the Board within 30 days after the date on which notice of the decision or other notification was given.

• (3) Notice of an appeal must—

• (a) specify the grounds of appeal;

• (b) be given in writing;

• (c) contain sufficient information to identify the appellant and the decision against which the appeal is being made; and

• (d) be signed, or authenticated in another way approved by the Board, by or on behalf of the appellant.

• (4) Sections 49, 49A to 49I and 54 of the Management Act apply in relation to proceedings for a review and appeal.

• (5) The following provisions apply where a person is appealing to the Tribunal.

• (6) The Tribunal must either—

• (a) dismiss the appeal, or

• (b) quash the whole or part of the decision to which the appeal relates.

• (7) The Tribunal may act as mentioned in sub-paragraph (6)(b) only to the extent that it is satisfied that the decision was wrong on one or more of the following grounds—

• (a) that the decision was based, wholly or partly, on an error of fact;

• (b) that the decision was wrong in law.

• (8) If the Tribunal quashes the whole or part of a decision, it may either—

• (a) refer the matter back to the Board with a direction to reconsider and make a new decision in accordance with its ruling, or

• (b) substitute its own decision for that of the Board.

• (9) The Tribunal may not direct the Board to take any action which they would not otherwise have the power to take in relation to the decision.

• (10) A decision of the Tribunal made by virtue of this section has the same effect as, and may be enforced in the same manner as, a decision of the Board.

• (11) In this paragraph “the Tribunal” means the First-tier Tribunal, or when determined by or under Tribunal Procedure Rules, the Upper Tribunal.

Information to be given by account manager to account investor

17

If the account investor so requests in writing, an account manager who makes a payment to an account investor out of an account from which a withdrawal charge has been deducted must, within 30 days beginning with the day after the day of receipt of the request, furnish the account investor with a statement in writing showing—

• (a) the gross amount of the payment,

• (b) the amount deducted, and

• (c) the amount actually paid.

Extensions

18

The Board may authorise an extension to any period of time provided for under this Schedule.

Continuing account of a deceased investor and administration-period investments

2G

• (1) This regulation applies to an account, other than a junior ISA account, when the account investor has died (“continuing account of a deceased investor”).

• (2) Investments held in such an account are to be administration–period investments as a result of section 694A(4) or (5) of ITTOIA 2005 for the period beginning on the death of the account investor and ending on the earlier of—

• (a) the completion of the administration of the deceased’s estate,

• (b) the day falling on the third anniversary of the death, or

• (c) the day on which a person within section 694A(2) of ITTOIA 2005 withdraws all account investments, other proceeds in respect of such investments and cash representing subscriptions to the account.

• (3) A continuing account of a deceased investor is to cease to be such an account at the end of the period referred to in paragraph (2).

• (4) Notwithstanding any other provision of these Regulations—

• (a) nosubscription or qualifying addition is to be made to a continuing account of a deceased investor, and

• (b) no transfer is to be made of a continuing account of a deceased investorotherwise than a transfer when regulation 17, 19 or 20 applies.

• (5) In relation to a continuing account of a deceased investor, wherever the following expressions occur in these Regulations—

• (a) “investments”, “account investments”, “qualifying investments”, “investments under an account”, or any other description of an account investment, includes administration-period investments,

• (b) “account investor”, “applicant”, or any other description of an account investor, includes any person within the description of section 694A(2) of ITTOIA 2005 and, in the case of regulations 22 and 36(3), also any person referred to in section 694A(1) of that Act, and

• (c) “account”, “Lifetime ISA”, or any reference to a scheme of investment, includes a continuing account of a deceased investor, notwithstanding that no subscription or qualifying addition can be made to it.

• (6) In relation to a continuing account of a deceased investor—

• (a) regulations 4(6)(a) and (f) (except in relation to a transfer when regulation 17, 19 or 20 applies), 12(3)(f) and (6)(a) and 12B(8)(a) and (c) do not apply,

• (b) in regulation 7(2)(h)(iii), the phrase “but have remained in the beneficial ownership of the participant” is to be treated as omitted, and

• (c) in regulation 21(4D), after “made on a transfer”, there is to be treated as inserted “and is a continuing account of a deceased investor”. ...

• (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Introductory

General conditions for accounts and subscriptions to accounts

Subscriptions to an account other than a junior ISA account

Subscriptions to a junior ISA account

Inalienability of a junior ISA account

Permitted withdrawals from a junior ISA account where the named child is terminally ill

Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts

Application of the repair provisions to Lifetime ISAs

Closure of cash account that is not a junior ISA account prior to the opening of the same type of account to be disregarded once

Removal of insurance components at 6th April 2005

Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008

Treatment of sums held in accounts managed by Icesave Bank

Treatment of certain sums held in accounts managed by Keydata Investment Services Limited

Treatment of certain sums held in dormant accounts

Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB

Defaulted cash account subscription

Defaulted Lifetime ISA subscription

Defaulted investment subscription

Default event in respect of cash account

Defaulted investment payment

Additional permitted subscription to an account other than a junior ISA account

Flexible account

Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA

Additional permitted subscription to a junior ISA account

Information required by regulation 5D

Declarations required by regulation 5D

Notices required by regulation 5D

Single regulation 5D subscription

Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012

Special provision in respect of Lehman Brothers investments and Keydata investments

Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment

Deemed defaulted investment payment in respect of a Lehman Brothers investment

Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment

Special application of regulations 5DJ to 5DL in respect of a Keydata investment

Subscriptions 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)

Transfers from matured tax-exempt special savings accounts

General investment rules

Qualifying investments for a stocks and shares component

Qualifying investments for a cash component

Qualifying investments for a Lifetime ISA component

Qualifying investments for an innovative finance component

Insurance policies

Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA

Lifetime ISA qualifying individuals who may invest under a Lifetime ISA

Account investor ceasing to qualify

Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA

Application by curator bonis

Account manager—qualifications and Board’s approval

Special requirements relating to insurer-managers

Account manager—appointment of tax representative

Account manager—withdrawal by Board of approval

Account manager—appeal against withdrawal of Board’s approval

Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager

Account manager ceasing to qualify

Transfers relating accounts other than junior ISA accounts

Further requirements relating to transfers between cash accounts

Transfers relating to junior ISA accounts

Repair of invalid junior ISA accounts

Exemption from tax of account income and gains

Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account

Tax liabilities and reliefs—account manager to act on behalf of account investor

Repayments in respect of tax to account manager—annual returns and annual claims

Account manager’s returns and claims—supplementary provisions

Assessments for withdrawing relief and recovering tax

Records to be kept by account manager

Information to be given to account investor by account manager in relation to an account that is not a junior ISA account

Returns of information by account manager

Information to be provided to the Board

Inspection of records by officer of the Board

Capital gains tax—adaptation of enactments

Capital gains tax–administration-period investment

34A

For the purposes of capital gains tax—

• (a) on the occasion when title to an administration-period investment is transferred from the personal representatives to a legatee, the legatee is to be treated as having acquired the investment on the date of transfer and for a consideration equal to its market value on such date; and

• (b) on the occasion when title to an investment is transferred from the personal representatives to a legatee after the end of the period in respect of which it was an administration-period investment, there shall be deemed to be a disposal and reacquisition by the personal representatives of that investment at the end of that period and for a consideration equal to its market value at such time and the legatee is to be treated as having acquired the investment for such consideration on the date of transfer.

Administration of tax in relation to accounts—supplementary

Application 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

Treatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)

5DZ

• (1) This regulation applies where a qualifying individual has given an instruction under regulation 13A of the Child Trust Funds Regulations that investments be transferred by way of subscription to an account under these regulations.

• (2) A subscription made in accordance with this regulation must be disregarded for the purposes of—

• (a) the overall subscription limit under regulation 4ZA(1) (subscriptions to an account other than a junior ISA account); and

• (b) the conditions under regulations—

• (i) 10(2)... (d) (qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA);

• (ii) 10A(2)(f) (Lifetime ISA qualifying individuals who may invest under a Lifetime ISA); and

• (iii) 12B(4)(d)(i) to (iii) (conditions for application to open an account that is a Lifetime ISA).

• (3) Where a qualifying individual has given an instruction in relation to funds held otherwise than in cash, such transfer may be made in specie.

Treatment of ISA where funds transferred under regulation 13B(2)(b) of the Child Trust Funds Regulations (maturity of child trust fund - no instructions)

5DZA

• (1) This regulation applies where a transfer is made under regulation 13B(2)(b) of the Child Trust Funds Regulations to a cash account or a stocks and shares account (“a CTF matured account”).

• (2) A transfer under that regulation is to be disregarded for the purposes of—

• (a) the overall subscription limit under regulation 4ZA(1) (subscriptions to an account other than a junior ISA account), and

• (b) the conditions for a qualifying individual under regulation 10(2)... (d) (qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA).

• (3) Notwithstanding any other provision of these regulations, paragraphs (4) to (10) apply until the account holder makes an application under regulation 12 (conditions for application to open an account that is not a junior ISA account or a Lifetime ISA).

• (4) The CTF matured account is to be held in the name of the account holder of the matured child trust fund to which the transfer relates in accordance with regulation 13B(2)(b) of the Child Trust Funds Regulations.

• (5) The account holder is to be treated as an account investor.

• (6) No further subscription may be made to the CTF matured account.

• (7) Amounts in respect of investments on the CTF matured account are to be credited to it.

• (8) In relation to a CTF matured account, regulation 31(1) (returns of information by account manager) is to be treated as omitted and paragraph (9) is to apply instead.

• (9) This paragraph applies for the purposes of paragraph (8).

• (a) An account manager must within 60 days after the end of each year (beginning the year 2020-21) deliver to the Board a return for that year which contains the information as at the 5th April in that year specified in sub-paragraphs (b) and (c) and is to be accompanied by a certificate as to the contents of the return being true and correct in the form prescribed by the Board, signed by the account manager or on their behalf;

• (b) the information specified in this sub-paragraph as regards the account holder is their—

• (i) full name,

• (ii) address of permanent residence including postcode,

• (iii) date of birth, and

• (iv) national insurance number, or unique reference number for the child trust fund relating to the transfer; and

• (c) the information specified in this sub-paragraph as regards the account is—

• (i) the type of account and that it represents a matured child trust fund,

• (ii) the number allocated to it by the account manager, and

• (iii) the aggregate market value of the investments in the account in that year.

• (10) No transfer is to be made of any part of the CTF matured account, otherwise than in circumstances where the account manager intends to cease to act as an account provider, or ceases to qualify as such and any of regulations 19 (account provider’s intention to make a bulk transfer of accounts or to cease to act as an account provider), 20 (account manager ceasing to qualify) or 21 (relating to transfers of accounts) applies.

Defaulted cash account subscription

Defaulted Lifetime ISA subscription

Defaulted investment subscription

Default event in respect of cash account

Defaulted investment payment

Additional permitted subscription to an account other than a junior ISA account

Flexible account

Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA

Additional permitted subscription to a junior ISA account

Information required by regulation 5D

Declarations required by regulation 5D

Notices required by regulation 5D

Single regulation 5D subscription

Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012

Special provision in respect of Lehman Brothers investments and Keydata investments

Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment

Deemed defaulted investment payment in respect of a Lehman Brothers investment

Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment

Special application of regulations 5DJ to 5DL in respect of a Keydata investment

Subscriptions 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)

Transfers from matured tax-exempt special savings accounts

General investment rules

Qualifying investments for a stocks and shares component

Qualifying investments for a cash component

Qualifying investments for a Lifetime ISA component

Qualifying investments for an innovative finance component

Insurance policies

Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA

Lifetime ISA qualifying individuals who may invest under a Lifetime ISA

Account investor ceasing to qualify

Conditions for application to open an account that is a junior ISA account

Conditions for application to open an account that is a Lifetime ISA

Application by curator bonis

Account manager—qualifications and Board’s approval

Special requirements relating to insurer-managers

Account manager—appointment of tax representative

Account manager—withdrawal by Board of approval

Account manager—appeal against withdrawal of Board’s approval

Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager

Account manager ceasing to qualify

Transfers relating accounts other than junior ISA accounts

Further requirements relating to transfers between cash accounts

Transfers relating to junior ISA accounts

Repair of invalid junior ISA accounts

Exemption from tax of account income and gains

Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account

Tax liabilities and reliefs—account manager to act on behalf of account investor

Repayments in respect of tax to account manager—interim claims

Repayments in respect of tax to account manager—interim claims

Account manager’s returns and claims—supplementary provisions

Assessments for withdrawing relief and recovering tax

Records to be kept by account manager

Information to be given to account investor by account manager in relation to an account that is not a junior ISA account

Returns of information by account manager

Information to be provided to the Board

Inspection of records by officer of the Board

Capital gains tax—adaptation of enactments

Capital gains tax–administration-period investment

Administration of tax in relation to accounts—supplementary

Application 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

5A

Notwithstanding paragraph 5, the specified percentage in respect of the period beginning on 6th March 2020 and ending on 5th April 2021 is 20%.

Account manager – withdrawal by Board of approval of junior ISA manager

17A

• (1) This regulation specifies the circumstances (“the disqualifying circumstances”) in which the Board may by notice withdraw their approval of a person as an account manager in relation to a junior ISA account.

• (2) The disqualifying circumstances to which paragraph (1) refers are that the Board have reason to believe—

• (a) that any provision of these Regulations is not, or at any time has not, been satisfied in respect of an account managed by the account manager; ...

• (b) that a person to whom they have given approval to act as an account manager is not qualified so to act ; or

• (c) that a person to whom they have given approval to act as an account manager has not, within a period of 18 months beginning with the day on which approval was given, acted as an account manager in respect of an account.

• (3) The notice to which paragraph (1) refers—

• (a) may withdraw an approval in part, that is, in respect of particular types of account specified in the notice;

• (b) shall specify the disqualifying circumstances;

• (c) shall specify that the withdrawal takes effect from the date on which the last of the accounts is transferred to another manager; and

• (d) shall specify that from the date of the notice, the account manager must not accept any subscriptions or open any new accounts.

• (4) On receiving the notice referred to in paragraph (1), subject to any appeal in accordance with regulation 18, the account manager must notify the person who is the account investor in relation to the account held with the account manager of the right to transfer the account under regulation 21B.

• (5) From the date of the notice referred to in paragraph (1), the account manager must not accept any subscriptions or open any new accounts.

Account manager—appeal against withdrawal of Board’s approval

Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager

Account manager ceasing to qualify

Transfers relating accounts other than junior ISA accounts

Further requirements relating to transfers between cash accounts

Transfers relating to junior ISA accounts

Repair of invalid junior ISA accounts

Exemption from tax of account income and gains

Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account

Tax liabilities and reliefs—account manager to act on behalf of account investor

Repayments in respect of tax to account manager—annual returns and annual claims

Account manager’s returns and claims—supplementary provisions

Assessments for withdrawing relief and recovering tax

Records to be kept by account manager

Information to be given to account investor by account manager in relation to an account that is not a junior ISA account

Returns of information by account manager

Information to be provided to the Board

Inspection of records by officer of the Board

Capital gains tax—adaptation of enactments

Capital gains tax–administration-period investment

Administration of tax in relation to accounts—supplementary

Application 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