ISA Bulletin 44 (PDF 93K) - HM Revenue & Customs

More documents

Recommendations

Info

Regulation 5 of these Regulations makes consequential amendments to the requirements for returns to account managers in regulation 31 in relation to defaulted cash account subscriptions. A Tax Information and Impact Note covering this instrument [has been published on the HMRC website at …].
STATUTORY INSTRUMENTS 2012 No. XXXX INCOME TAX CAPITAL GAINS TAX The Individual Savings Account (Amendment No. [ ]) Regulations 2012 Made - - - - *** Laid before the House of Commons *** Coming into force - - *** The Treasury make these Regulations in exercise of the powers conferred by sections 694 to 699 and 701 of the Income Tax (Trading and Other Income) Act 2005(a) and section 151 of the Taxation of Chargeable Gains Act 1992(b): Citation, commencement and effect 1.—(1) These Regulations may be cited as the Individual Savings Account (Amendment No. 3) Regulations 2012 and comes into force on [ ] 2012. (2) The amendments made by regulation 2 have effect from 1st November 2011. Amendments to the Individual Savings Account Regulations 1998 2. The Individual Savings Account Regulations 1998(c) are amended as follows— (a) in regulation 2(1)(a) (interpretation), after the definition of “child” insert— ““child trust fund” has the meaning given in section 1 of the Child Trust Funds Act 2004(d)”; (b) in regulation 8 (qualifying investments for a cash component) for paragraph (3) insert— “(3) A deposit account or share account which is a qualifying investment for a cash component falling within paragraph (2)(a) or (b) respectively must not be connected with any other account falling within the descriptions in those sub-paragraphs, held by the account investor or any other person. (4) For the purposes of paragraph (3), an account is connected with another if— (a) 2005 c.5; sections 694(1A), 695A, 699(9) and 701(6) were inserted by section 40 of the Finance Act 2011 (c. 11), and section 701(4) and (5) was inserted by section 40 of the Finance Act 2008 (c. 9); sections 695(3) and (4), 696(3), 698(2), (3) and (4) and 699(1) and (2) were amended by paragraphs 131 and 132 of Schedule 4 to the Commissioners for Revenue and Customs Act 2005 (c. 11). (b) 1992 c. 12; section 151 was amended by section 40 of the Finance Act 2011 (c. 11). (c) S.I. 1998/1870; relevant amending instruments are S.I. 1998/3174, S.I 2003/2747, S.I. 2005/2561, S.I. 2005/3350, S.I. 2008/704, S.I. 2008/1934, and S.I. 2011/1780. (d) 2004 c. 6.
Page 1 and 2: Savings Schemes Office ISA Bulletin
Page 3 and 4: treated as a JISA. The first accoun
Page 5 and 6: New reg 5DE As investments held in
Page 7 and 8: STATUTORY INSTRUMENTS 2012 No. XXXX
Page 9 and 10: (i) the amount held in that account
Page 11 and 12: (2) Where one or more defaulted inv
Page 13: EXPLANATORY NOTE (This note is not
Page 17 and 18: STATUTORY INSTRUMENTS 2012 No. XXXX
Page 19 and 20: STATUTORY INSTRUMENTS 2012 No. x IN

ISA Bulletin 44 (PDF 93K) - HM Revenue & Customs

Create successful ePaper yourself

Delete template?

Save as template?