1 Citation and commencement

These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2013 and come into force on 6 April 2013.

NOTES
Initial Commencement
Specified date

Specified date: 6 April 2013: see above.

2 Amendment of the Individual Savings Account Regulations 1998

2Amendment of the Individual Savings Account Regulations 1998

(1)    The Individual Savings Account Regulations 1998 are amended as follows.

(2)    In regulation 4ZA of those Regulations (subscriptions to an account other than a junior ISA account)—

(a)    in paragraph (1)(a), for “£5,640” substitute “£5,760”; and

(b)    in paragraph (1)(b), for “£11,280” substitute “£11,520”.

(3)    In regulation 4ZB(1) of those Regulations (subscriptions to a junior ISA account) for “£3,600” substitute “£3,720”.

NOTES
Initial Commencement
Specified date

Specified date: 6 April 2013: see reg 1.

Signature

Desmond Swayne

Robert Goodwill

Two of the Lords Commissioners of Her Majesty's Treasury

12th February 2013

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Regulations)

These Regulations, which come into force on 6 April 2013, amend the Individual Savings Account Regulations 1998 (“the ISA Regulations”) by increasing the overall annual subscription limits for ISA accounts, including junior ISA accounts.

Regulation 2(2)(a) increases the overall annual subscription limit in regulation 4ZA(1)(a) of the ISA Regulations from £5,640 to £5,760 for ISA accounts held by qualifying individuals aged 16 or over but less than 18.

Regulation 2(2)(b) increases the overall annual subscription limit in regulation 4ZA(1)(b) of the ISA Regulations from £11,280 to £11,520 for ISA accounts held by all other qualifying individuals.

Regulation 2(3) increases the overall annual subscription limit in regulation 4ZB(1) of the ISA Regulations from £3,600 to £3,720 for a junior ISA account.

A Tax Information and Impact Notice has not been prepared for this instrument as it gives effect to previously announced policy and relates to routine changes to allowances to a predetermined formulae.