Amendments to the Individual Savings Account Regulations 19983

In regulation 2(1)(a) (interpretation)—

a

in the definition of “account”, for “regulation 4(1)” substitute “regulation 4(1) and, where appropriate, regulation 2B(b)”;

b

for the definition of “account investor” substitute—

  • an “account investor” has the meaning given in regulation 2A;

c

after the definition of “building society bonus” insert—

  • “business day” means any day except—

    1. a

      a Saturday, Sunday, Good Friday or Christmas Day;

    2. b

      a bank holiday under the Banking and Financial Dealings Act 19714;

d

after the definition of “ceasing to be subject to the plan” insert—

  • “child” means an individual under 18;

e

after the definition of “EEA State” insert—

  • “eligible child” means a child—

    1. a

      born—

      1. i

        on or after 3rd January 2011; or

      2. ii

        before the time mentioned in paragraph (i) but who is not an “eligible child” within the meaning given in the Child Trust Funds Act 20045; and

    2. b

      who, at the time when the application to open an account pursuant to a junior ISA application described in regulation 12A is made, is—

      1. i

        resident and ordinarily resident in the United Kingdom;

      2. ii

        a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 20036;

      3. iii

        married to, or in a civil partnership with, a person mentioned in paragraph (ii); or

      4. iv

        a dependant of a person mentioned in paragraph (ii);

f

after the definition of “ITTOIA 2005” insert—

  • “junior ISA account” has the meaning given in regulation 2B;

g

after the definition of “market value” insert—

  • “named child” means a child who holds an account opened pursuant to a junior ISA application described in regulation 12A;

h

after the definition of “notice” insert—

  • “parental responsibility” means—

    1. a

      parental responsibility within the meaning of the Children Act 19897 or the Children (Northern Ireland) Order 19958, or

    2. b

      parental responsibilities within the meaning of the Children (Scotland) Act 19959;

i

in the definition of “qualifying distribution” for “section 832(1) of the Taxes Act” substitute “section 1136 of the Corporation Tax Act 201010”;

j

in the definition of “recognised stock exchange” for “section 841 of the Taxes Act” substitute “section 1005 of ITA 200711”; and

k

after the definition of “relevant European institution” insert—

  • “responsible person” means a person who is the responsible person in respect of the management of a junior ISA account in accordance with regulation 2C(4);