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—
- a
a Saturday, Sunday, Good Friday or Christmas Day;
- 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—
- a
born—
- i
on or after 3rd January 2011; or
- 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
- 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—
- i
resident and ordinarily resident in the United Kingdom;
- 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;
- iii
married to, or in a civil partnership with, a person mentioned in paragraph (ii); or
- 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
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);