sch. para. 13
- Submit Lifetime ISA returns to HMRC within 14 days of claim period end
UK Statutory Instrument
1998
United Kingdom
The Individual Savings Account Regulations 1998
At a glance
What's here
29 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
sch. para. 14
- Pay ISA amounts due to HMRC within 28 days after each claim period
sch. para. 17
- Provide itemised statement on request for payments with withdrawal charges
sch. para. 2
- Claim Lifetime ISA government bonus within 14 days and correct errors
sch. para. 3
- Account manager must notify investor of rejected bonus within 14 days
sch. para. 6
- Transfer ISA withdrawal to conveyancer within prescribed period
General conditions for accounts and subscriptions to accounts
- Notify account investor if ISA tax exemption will be lost
Repair of certain incompatible account and excess subscriptions - accounts other than junior ISA accounts
- Account managers must comply with HMRC repair directions within 30 days
Subscriptions to a junior ISA account
- Keep annual junior ISA subscriptions per child under £9,000
Treatment of ISA where funds transferred under regulation 13B(2)(b) of the Child Trust Funds Regulations (maturity of child trust fund - no instructions)
- Report matured Child Trust Fund ISA accounts annually to HMRC
General investment rules
- Account managers must follow strict pricing, funding, and record-keeping rules for ISA investments
Insurance policies
- Offer insurance policies that meet ISA qualifying conditions
Conditions for application to open an account that is not a junior ISA account or a Lifetime ISA
- Check ISA applicant eligibility and reject ineligible or untruthful applications
Conditions for application to open an account that is a junior ISA account
- Manage junior ISA applications correctly and reject false applications
Conditions for application to open an account that is a Lifetime ISA
- Verify Lifetime ISA applications and reject ineligible applicants
Account manager—qualifications and Board’s approval
- Obtain HMRC approval as an ISA account manager and meet qualifying conditions
Account manager—withdrawal by Board of approval
- Notify ISA investors of their rights if approval is withdrawn
Account manager – withdrawal by Board of approval of junior ISA manager
- Notify investors and stop accepting new subscriptions upon withdrawal notice
Account manager’s intention to make a bulk transfer of accounts or to cease to act as an account manager
- Notify HMRC and ISA investors of intention to cease as manager or make bulk transfer
Account manager ceasing to qualify
- Notify HMRC and investors if you cease to qualify as an ISA manager
Transfers relating accounts other than junior ISA accounts
- Provide ISA transfer notice to the new account manager with required information
Further requirements relating to transfers between cash accounts
- Transfer cash ISA subscriptions and send account information within set time limits
Transfers relating to junior ISA accounts
- Provide transfer information notice to new account manager
Repayments in respect of tax to account manager—annual returns and annual claims
- Submit annual ISA returns and claims within 6 months of year end
Records to be kept by account manager
- Keep sufficient records for each ISA account
Information to be given to account investor by account manager in relation to an account that is not a junior ISA account
- Provide written tax deduction statements on request
Returns of information by account manager
- Submit annual ISA returns to HMRC with account details
Administration of tax in relation to accounts—supplementary
Other duties (1) — Crown / regulator
- HMRC must include a truth declaration in ISA forms Crown / Minister / Government department
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
- Account manager must pay tax when ISA life policy is terminated
Browse 93 other sections — procedural / definitional / commencement
sch. para. 10
sch. para. 12
sch. para. 4
sch. para. 8
sch. para. 9
Citation and commencement
Interpretation
Interpretation
Meaning of account investor
Meaning of junior ISA account
Meaning of “registered contact” etc.
Regulations that do not apply to junior ISA accounts
Contracts entered into by or on behalf of a child who is 16 or over
Special provision in respect of Looked After Children
Continuing account of a deceased investor and administration-period investments
Government bonus claim
Introductory
Rejection of government bonus claim
Application of the repair provisions to Lifetime ISAs
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
Removal of insurance components at 6th April 2005
Removal of maxi-accounts, mini-accounts and TESSA only accounts at 6th April 2008
Subscriptions to an account other than a junior ISA account
Inalienability of a junior ISA account
Permitted withdrawals from a junior ISA account
Permitted withdrawals from a junior ISA account where the named child is terminally ill
Specified age; terminal illness; transfer to another Lifetime ISA-no withdrawal charge
Transfers from matured tax-exempt special savings accounts
Treatment of sums held in accounts managed by Icesave Bank
Treatment of certain sums held in accounts managed by Keydata Investment Services Limited
Treatment of certain sums held in dormant accounts
Subscriptions disregarded for the purposes of the subscription limits in regulations 4ZA(1) and 4ZB
Defaulted cash account subscription
Defaulted Lifetime ISA subscription
Defaulted investment subscription
Default event in respect of cash account
Defaulted investment payment
Additional permitted subscription to an account other than a junior ISA account
Flexible account
Additional permitted subscription of cash to an account other than a junior ISA on closure of Help to Buy ISA
Additional permitted subscription to a junior ISA account
Information required by regulation 5D
Declarations required by regulation 5D
Notices required by regulation 5D
(1) Where the deceased’s account manager receives a request from...
—Regulation 12(7) to (11), (12) and (13) applies in relation...
Single regulation 5D subscription
Default event or default investment payment occurring in the period beginning on 6th April 2011 and ending on 7th August 2012
Special provision in respect of Lehman Brothers investments and Keydata investments
Special application of regulations 5DB, 5DD, 5DF and 5DH in respect of a Lehman Brothers investment
Deemed defaulted investment payment in respect of a Lehman Brothers investment
Specified amount for the purposes of a defaulted investment subscription in respect of a Lehman Brothers investment
Special application of regulations 5DJ to 5DL in respect of a Keydata investment
Treatment of ISA where funds transferred under regulation 13A of the Child Trust Funds Regulations (maturity of child trust fund - instructions)
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)
Specified percentage for withdrawal charge
Notwithstanding paragraph 5, the specified percentage in respect of the...
First-time residential purchase
Qualifying investments for a stocks and shares component
Definitions for the purposes of paragraph 6
Qualifying investments for a cash component
Qualifying investments for an innovative finance component
Qualifying investments for a Lifetime ISA component
Specified information for the purposes of paragraph 6
Information from conveyancer
Qualifying individuals who may invest under an account that is not a junior ISA account nor a Lifetime ISA
Lifetime ISA qualifying individuals who may invest under a Lifetime ISA
Purchase failure
Account investor ceasing to qualify
Amounts not treated as withdrawals
Recoupment of government bonus payment
Application by curator bonis
Withdrawals: information returns
Payment to the Board of withdrawal charges
Special requirements relating to insurer-managers
Payments and Interest
Account manager—appointment of tax representative
Appeals
Information to be given by account manager to account investor
Account manager—appeal against withdrawal of Board’s approval
Extensions
Repair of invalid junior ISA accounts
Exemption from tax of account income and gains
Interest on cash deposits held under a stocks and shares component of an account that is not a junior ISA account
Tax liabilities and reliefs—account manager to act on behalf of account investor
Repayments in respect of tax to account manager—interim claims
Account manager’s returns and claims—supplementary provisions
Assessments for withdrawing relief and recovering tax
Information to be provided to the Board
Inspection of records by officer of the Board
Capital gains tax—adaptation of enactments
Capital gains tax–administration-period investment
The Schedule makes further provision for Lifetime ISA.
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