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

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Name Name Date Two of the Lords Commissioners of Her Majesty’s Treasury EXPLANATORY NOTE (This note is not part of the Regulations) These Regulations amend regulation 12 of the Child Trust Funds Regulations (S.I. 2004/1450) (“the CTF Regulations”). They come into force on [ ] 2012. Regulation 2 of these regulations amends regulation 12 of the CTF Regulations (qualifying investments for an account), so that a deposit account or share account which is a qualifying investment will not be connected with another investment for the purposes of regulation 12(8) of the CTF Regulations where both are held in an ISA account, junior ISA account or a child trust fund. A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.
STATUTORY INSTRUMENTS 2012 No. x INCOME TAX CAPITAL GAINS TAX The Individual Savings Account (Amendment No. X) Regulations 2012 Made - - - - *** Laid before the House of Commons *** Coming into force - - *** The Treasury, in exercise of the powers conferred by sections 694, 695A 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) make the following Regulations: Citation and commencement 1.These Regulations may be cited as the Individual Savings Account (Amendment No. X) Regulations 2012 and shall come into force on x. Amendments to the Individual Savings Account Regulations 1998 2. The Individual Savings Account Regulations 1998(c) are amended as follows. 3. In regulation 2(1)(a) (interpretation), after the definition of “xxx” insert— “ “Looked After Child” has the meaning given in regulation 2F (special provision in respect of Looked After Children)”. 4. After regulation 2E, insert— (a) x (b) x (c) x (d) x “Special provision in respect of Looked After Children” (2F) A child is a Looked After Child where he or she, for a continuous period of at least 12 months occurring after 2 January 2011— (a) is looked after by a local authority for the purposes of section 22(1) of the Children Act 1989 (general duty of local authority in relation to children looked after by them)(d); or (b) is in the care of the local authority by virtue of an order made under section 31(1)(a) of the Children Act 1989 (care and supervision orders)(a); or
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Page 3 and 4: treated as a JISA. The first accoun
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Page 9 and 10: (i) the amount held in that account
Page 11 and 12: (2) Where one or more defaulted inv
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ISA Bulletin 44 (PDF 93K) - HM Revenue & Customs

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