The Individual Savings Account (Amendment) Regulations 2015

Made: 9th March 2015

Laid before the House of Commons: 10th March 2015

Coming into force: 6th April 2015

The Treasury, in exercise of the powers conferred by section 694 of the Income Tax (Trading and Other Income) Act 2005[^f00001] and section 151 of the Taxation of Chargeable Gains Act 1992[^f00002], make the following Regulations:

Citation and commencement

1

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2015 and come into force on 6th April 2015.

Amendment of the Individual Savings Account Regulations 1998

2

The Individual Savings Account Regulations 1998[^f00003] are amended as follows.

3

• (1) In regulation 4ZA(1)(subscriptions to an account other than a junior ISA account) for “£15,000” substitute “£15,240”.

• (2) In regulation 4ZB(1)(subscriptions to a junior ISA account) for £4,000” substitute “£4,080”.

Signed

Mark Lancaster — David Evennett — Two of the Lords Commissioners of Her Majesty’s Treasury — 9th March 2015

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1450) to increase the annual subscription limits to £15,240 and, for a junior ISA, £4,080.

A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to tax policy.

Footnotes

[^f00001]: 2005 c. 5; section 694 was amended by; the Finance Act 2011 (c. 11), section 40.

[^f00002]: 1992 c. 12; section 151 was amended by the Finance Act 1993 (c. 34), section 85; the Finance Act 1995 (c. 4), section 64(2); the Income Tax (Taxation of Other Income) Act 2005, Schedule 1, paragraph 436; the Finance Act 2011, section 40(7).

[^f00003]: S.I. 1998/1870. Regulations 4ZA and 4ZB were inserted by S.I. 2011/1780 and amended by S.I.2014/1450.