The Individual Savings Account (Amendment No. 2) Regulations 2020

Made: 10th March 2020

Laid before House of Commons: 12th March 2020

Coming into force: 6th April 2020

The Treasury, in exercise of the powers conferred by section 151(1) and (2) of the Taxation of Chargeable Gains Act 1992[^f00001] and section 694(1) and (3) of the Income Tax (Trading and Other Income) Act 2005[^f00002], make the following Regulations.

Citation and commencement

1

These Regulations may be cited as the Individual Savings Account (Amendment No. 2) Regulations 2020 and come into force on 6th April 2020.

Amendment of the Individual Savings Account Regulations 1998

2

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

3

In regulation 4ZB(1) (subscriptions to a junior ISA account) for “£4,368” substitute “£9,000”.

Signed

Iain Stewart — David Rutley — Two of the Lord Commissioners of Her Majesty’s Treasury — 10th March 2020

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations amend the Individual Savings Account Regulations 1998 (S.I. 1998/1870). They provide for the annual limit on subscriptions to a junior ISA account to be increased from £4,368 to £9,000 (regulation 3).

A Tax Information and Impact Note will be published on the HM Government website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.

Footnotes

[^f00001]: 1992 c. 12. Section 151(2) was amended by paragraph 436 of Schedule 1 to the Income Tax (Trading and Other Income) Act 2005 (c. 5), section 40(6) of the Finance Act 2011 (c. 11) and section 27(2) of the Finance Act 2016 (c. 24).

[^f00002]: 2005 c. 5. Section 694 was amended by section 401 of the Finance Act 2011 (c. 11).

[^f00003]: S.I. 1998/1870. Regulation 4ZB(1) was last amended by S.I. 2019/382.