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In force since 2025-06-23, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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8 provisions
Title and introductory text
2025 No. 733
INCOME TAX
CAPITAL GAINS TAX
The Individual Savings Account (Amendment) Regulations 2025
Made
23rd June 2025
Laid before the House of Commons
24th June 2025
Coming into force in accordance with regulation 1(2) and (3)
The Treasury make these Regulations in exercise of the powers conferred by section 151(1) of the Taxation of Chargeable Gains Act 1992 and sections 694(3) and (5), 695, 695A, 696, 699(2) and 701 of the Income Tax (Trading and Other Income) Act 2005.
Propose a change1 Citation, commencement and effect
(1) These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2025.
(2) Regulation 4 comes into force on 6th April 2027 and has effect in relation to the tax year 2027-28 and subsequent tax years.
(3) The rest of these Regulations come into force on 15th July 2025.
Propose a change2 Amendment of the Individual Savings Account Regulations 1998
The Individual Savings Account Regulations 1998 are amended as follows.
Propose a change3 Amendment of regulation 2
In paragraph (1)(b) of regulation 2 (interpretation), at the appropriate place insert—
“long-term asset fund” means a scheme to which chapter 15 of COLL applies;
.
Propose a change4 Amendment of regulation 4ZA
After paragraph (1A) of regulation 4ZA (subscriptions to an account other than a junior ISA account) insert—
(1B) A qualifying individual may only subscribe to an account that is not a junior ISA account if the account manager of that account—
(a) has been provided with the qualifying individual’s national insurance information specified in paragraph (4), and
(b) has no reason to believe that the qualifying individual does not meet the requirement of regulation 12(3)(f).
.
Propose a change5 Amendment of regulation 5DDB
(1) For paragraph (3) of regulation 5DDB (flexible account) substitute—
(3) Any replacement of a previous years’ subscription may be made only to the account from which the withdrawal of a cash amount it is replacing was made.
(3A) Any replacement subscription that is not deemed to be a replacement of a previous years’ subscription is to be treated as a subscription to an account as specified in regulation 4ZA (subscriptions to an account other than a junior ISA account).
.
(2) In paragraph (4) of regulation 5DDB, before “Any withdrawal” insert “Subject to paragraph (4A),”.
(3) After paragraph (4) of regulation 5DDB insert—
(4A) No withdrawal under paragraph (1) may reduce the current year’s subscription amount to less than nil.
.
Propose a change6 Amendment of regulation 7
After paragraph (2C) of regulation 7 (qualifying investments for a stocks and shares component) insert—
(2D) Notwithstanding any provision of paragraph (1), investments which—
(a) immediately before 1st October 2024 fell within paragraph (2)(f) by virtue of being units in, or shares of, a recognised UCITS, or
(b) qualify under paragraph (2)(f) by virtue of being part of an umbrella scheme that immediately before 1st October 2024 fell within that paragraph by virtue of being units in, or shares of, a recognised UCITS,
are to be treated, until the end of 31st December 2026, as qualifying investments for the stocks and shares component.
(2E) Paragraph (2A) ceases to have effect at the end of 31st December 2026.
.
Propose a change7 Amendment of regulation 8A
In paragraph (2) of regulation 8A (qualifying investments for an innovative finance component), after sub-paragraph (cb) insert—
(cc) investments in a long-term asset fund;
.
Propose a change