UK Statutory Instrument SI 1998/1870 United Kingdom

The Individual Savings Account Regulations 1998

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm26 Any Person2

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

sch. para. 13 Withdrawals: information returns Regulated
  • Submit Lifetime ISA returns to HMRC within 14 days of claim period endFinancial Services Firm
sch. para. 14 Payment to the Board of withdrawal charges Regulated
  • Pay ISA amounts due to HMRC within 28 days after each claim periodFinancial Services Firm
sch. para. 17 Information to be given by account manager to account investor Regulated
  • Provide itemised statement on request for payments with withdrawal chargesFinancial Services Firm
sch. para. 2 Government bonus claim Regulated
  • Claim Lifetime ISA government bonus within 14 days and correct errorsFinancial Services Firm
sch. para. 3 Rejection of government bonus claim Regulated
  • Account manager must notify investor of rejected bonus within 14 daysFinancial Services Firm
sch. para. 6 First-time residential purchase Regulated
  • Transfer ISA withdrawal to conveyancer within prescribed periodFinancial Services Firm
s.004 General conditions for accounts and subscriptions to accounts Regulated
  • Notify account investor if ISA tax exemption will be lostFinancial Services Firm
s.004 Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts Regulated
  • Account managers must comply with HMRC repair directions within 30 daysFinancial Services Firm
s.004 Subscriptions to a junior ISA account Regulated
  • Keep annual junior ISA subscriptions per child under £9,000Any Person
s.005 Treatment of ISA where funds transferred under regulation 13B(2)(b) of the Child Trust Funds Regulations (maturity of child trust fund - no instructions) Regulated
  • Report matured Child Trust Fund ISA accounts annually to HMRCFinancial Services Firm
s.006 General investment rules Regulated
  • Account managers must follow strict pricing, funding, and record-keeping rules for ISA investmentsFinancial Services Firm
s.009 Insurance policies Regulated
  • Offer insurance policies that meet ISA qualifying conditionsFinancial Services Firm
s.012 Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA Regulated
  • Check ISA applicant eligibility and reject ineligible or untruthful applicationsFinancial Services Firm
s.012 Conditions for application to open an account that is a junior ISA account Regulated
  • Manage junior ISA applications correctly and reject false applicationsFinancial Services Firm
s.012 Conditions for application to open an account that is a Lifetime ISA Regulated
  • Verify Lifetime ISA applications and reject ineligible applicantsFinancial Services Firm
s.014 Account manager—qualifications and Board’s approval Regulated
  • Obtain HMRC approval as an ISA account manager and meet qualifying conditionsAny Person
s.017 Account manager—withdrawal by Board of approval Regulated
  • Notify ISA investors of their rights if approval is withdrawnFinancial Services Firm
s.017 Account manager – withdrawal by Board of approval of junior ISA manager Regulated
  • Notify investors and stop accepting new subscriptions upon withdrawal noticeFinancial Services Firm
s.019 Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager Regulated
  • Notify HMRC and ISA investors of intention to cease as manager or make bulk transferFinancial Services Firm
s.020 Account manager ceasing to qualify Regulated
  • Notify HMRC and investors if you cease to qualify as an ISA managerFinancial Services Firm
s.021 Transfers relating accounts other than junior ISA accounts Regulated
  • Provide ISA transfer notice to the new account manager with required informationFinancial Services Firm
s.021 Further requirements relating to transfers between cash accounts Regulated
  • Transfer cash ISA subscriptions and send account information within set time limitsFinancial Services Firm
s.021 Transfers relating to junior ISA accounts Regulated
  • Provide transfer information notice to new account managerFinancial Services Firm
s.026 Repayments in respect of tax to account manager—annual returns and annual claims Regulated
  • Submit annual ISA returns and claims within 6 months of year endFinancial Services Firm
s.029 Records to be kept by account manager Regulated
  • Keep sufficient records for each ISA accountFinancial Services Firm
s.030 Information to be given to account investor by account manager in relation to an account that is not a junior ISA account Regulated
  • Provide written tax deduction statements on requestFinancial Services Firm
s.031 Returns of information by account manager Regulated
  • Submit annual ISA returns to HMRC with account detailsFinancial Services Firm
s.035 Administration of tax in relation to accounts—supplementary Regulated
Other duties (1) — Crown / regulator
  • HMRC must include a truth declaration in ISA formsCrown / Minister / Government department
s.036 Application of the provisions of Chapter II of Part XIII of the Taxes Act and of Chapter 9 of Part 4 of ITTOIA 2005 to policies where an investor ceases to be or was not entitled to relief from tax Regulated
  • Account manager must pay tax when ISA life policy is terminatedFinancial Services Firm
82 other provisions — procedural and definitional
sch. para. 10 Purchase failure
sch. para. 12 Recoupment of government bonus payment
sch. para. 4 Specified age; terminal illness; transfer to another Lifetime ISA-no withdrawal charge
sch. para. 8 Specified information for the purposes of paragraph 6
sch. para. 9 Information from conveyancer
s.001 Citation and commencement
s.001 Interpretation (opens in a new tab)
s.002 Interpretation
s.002 Meaning of account investor
s.002 Meaning of junior ISA account
s.002 Meaning of “registered contact” etc.
s.002 Regulations that do not apply to junior ISA accounts
s.002 Contracts entered into by or on behalf of a child who is 16 or over
s.002 Special provision in respect of Looked After Children
s.002 Continuing account of a deceased investor and administration-period investments
s.003 Introductory
s.004 Application of the repair provisions to Lifetime ISAs
s.004 Closure of cash account that is not a junior ISA account prior to the opening of the same type of account to be disregarded once
s.004 Removal of insurance components at 6th April 2005
s.004 Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008
s.004 Subscriptions to an account other than a junior ISA account
s.004 Inalienability of a junior ISA account
s.004 Permitted withdrawals from a junior ISA account
s.004 Permitted withdrawals from a junior ISA account where the named child is terminally ill
s.005 Transfers from matured tax-exempt special savings accounts
s.005 Treatment of sums held in accounts managed by Icesave Bank
s.005 Treatment of certain sums held in accounts managed by Keydata Investment Services Limited
s.005 Treatment of certain sums held in dormant accounts
s.005 Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB
s.005 Defaulted cash account subscription
s.005 Defaulted Lifetime ISA subscription
s.005 Defaulted investment subscription
s.005 Default event in respect of cash account
s.005 Defaulted investment payment
s.005 Additional permitted subscription to an account other than a junior ISA account
s.005 Flexible account
s.005 Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA
s.005 Additional permitted subscription to a junior ISA account
s.005 Information required by regulation 5D
s.005 Declarations required by regulation 5D
s.005 Notices required by regulation 5D
s.005 (1) Where the deceased’s account manager receives a request from...
s.005 —Regulation 12(7) to (11), (12) and (13) applies in relation...
s.005 Single regulation 5D subscription
s.005 Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012
s.005 Special provision in respect of Lehman Brothers investments and Keydata investments
s.005 Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment
s.005 Deemed defaulted investment payment in respect of a Lehman Brothers investment
s.005 Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment
s.005 Special application of regulations 5DJ to 5DL in respect of a Keydata investment
s.005 Treatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)
s.005 Subscriptions made by account investors issued with certificates by Royal Bank of Scotland Group disregarded for the purposes of regulations 4ZA and 31(3)(c)(ii)
s.005 Specified percentage for withdrawal charge (opens in a new tab)
s.005 Notwithstanding paragraph 5, the specified percentage in respect of the...
s.007 Qualifying investments for a stocks and shares component
s.007 Definitions for the purposes of paragraph 6 (opens in a new tab)
s.008 Qualifying investments for a cash component
s.008 Qualifying investments for an innovative finance component
s.008 Qualifying investments for a Lifetime ISA component
s.010 Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA
s.010 Lifetime ISA qualifying individuals who may invest under a Lifetime ISA
s.011 Account investor ceasing to qualify
s.011 Amounts not treated as withdrawals (opens in a new tab)
s.013 Application by curator bonis
s.015 Special requirements relating to insurer-managers
s.015 Payments and Interest (opens in a new tab)
s.016 Account manager—appointment of tax representative
s.016 Appeals (opens in a new tab)
s.018 Account manager—appeal against withdrawal of Board’s approval
s.018 Extensions (opens in a new tab)
s.021 Repair of invalid junior ISA accounts
s.022 Exemption from tax of account income and gains
s.023 Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account
s.024 Tax liabilities and reliefs—account manager to act on behalf of account investor
s.025 Repayments in respect of tax to account manager—interim claims
s.027 Account manager’s returns and claims—supplementary provisions
s.028 Assessments for withdrawing relief and recovering tax
s.032 Information to be provided to the Board
s.033 Inspection of records by officer of the Board
s.034 Capital gains tax—adaptation of enactments
s.034 Capital gains tax–administration-period investment
s.037 The Schedule makes further provision for Lifetime ISA.

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