ISA Bulletin 45 (PDF 44K) - HM Revenue & Customs

Guidance Notes for ISA Managers
The latest (2012_09) version of the Guidance Notes will be placed on the website at
http://www.hmrc.gov.uk/isa/isa-guidance-notes-2008.pdf in the next few days. The
main changes are as follows.
PARAGRAPHS 5.24 – 5.26
Managers may accept applications signed under a Power of Attorney where the
investor is unable to sign the application because he or she is a member of the
armed forces on active service in a war zone (for example, Afghanistan).
PARAGRAPHS 6.51 – 6.76
Guidance on the circumstances in which an investor may pay money into an ISA
without that payment counting towards the annual ISA subscription limits.
6.51 – 6.56
Cash ISA managers declared in default by either the FSA or the Financial Services
Compensation Scheme (FSCS) – a single subscription of up to the balance held in
the failed ISA at the time of default will be allowed into either a cash ISA or a stocks
and shares ISA.
6.57 – 6.62
Compensation received in respect of the poor performance, loss, depreciation (or risk
of depreciation) of a stocks and shares qualifying investment – a single subscription
of up to the amount of compensation received can be made to a stocks and
shares ISA.
6.63 – 6.69
Failures linked to the collapse of Lehman Brothers – a single subscription of up to
the value of the failed investment at the time of the Lehmans collapse can be
made to a stocks and shares ISA.
6.70 – 6.76
Failures linked to the collapse of Keydata Investment Services – a single subscription
can be made into a stocks and shares ISA of up to the amount originally
subscribed for the failed Keydata investment.
PARAGRAPH 7.43
Guidance on the circumstances in which managers may regard the holder of a
Depositary Interest (DI) as the beneficial owner of the underlying investments – and
therefore whether the DI can be a qualifying investment that can be held in a stocks
and shares ISA.
PARAGRAPH 7.49
Confirmation that this paragraph does not apply to uninvested cash in a stocks and
shares Junior ISA.
PARAGRAPH 8.6
Clarification that a connected account is a savings account that is not an ISA, a
Junior ISA or a Child Trust Fund.