The Individual Savings Account (Amendment) (No. 2) Regulations 2026
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Change 1
15 Insertion of regulation 22A
After regulation 22 insert— Interest or alternative finance return on cash deposits held under a stocks and shares component or innovative finance component 22A (1) When in any year, a sum of interest or alternative finance return is paid or credited in respect of a cash deposit which is held under a stocks and shares component or innovative finance component in accordance with regulation 6(4) to (6)— (a) no relief from tax applies to such interest or alternative finance return, but (b) paragraph (2) applies. (2) Where this paragraph applies— (a) the account manager must pay to the Board a flat rate charge on all sums of interest or alternative finance return referred to in paragraph (1) paid or credited in that year, and (b) any amount so payable is to be treated as an amount of tax due under an assessment which is final and conclusive and payable not later than 6 months after the end of the year in which the interest was paid or credited. (3) The “flat rate charge” in paragraph (2) is charged at the savings basic rate in force for the year under section 7A of ITA 2007. (4) The interest or alternative finance return referred to in paragraph (1) in all other respects, except for the purposes of section 629 of ITTOIA 2005, is to be regarded as if it were not income for any income tax purposes, and no repayment of tax or amounts representing tax may be made to the account investor receiving or entitled to such interest. (5) In paragraph (1) “interest” has the same meaning as in regulation 22. .
15 Insertion of regulation 22A
After regulation 22 insert— Interest or alternative finance return on cash deposits held under a stocks and shares component or innovative finance component 22A (1) When in any year, a sum of interest or alternative finance return is paid or credited in respect of a cash deposit which is held under a stocks and shares component or innovative finance component in accordance with regulation 6(4) to (6)— (a) no relief from tax applies to such interest or alternative finance return, but (b) paragraph (2) applies. (2) Where this paragraph applies— (a) the account manager must pay to the Board a flat rate charge on all sums of interest or alternative finance return referred to in paragraph (1) paid or credited in that year, and (b) any amount so payable is to be treated as an amount of tax due under an assessment which is final and conclusive and payable not later than 6 months after the end of the year in which the interest was paid or credited. (3) The “flat rate charge” in paragraph (2) is charged at the savings basic rate in force for the year under section 7A of ITA 2007. (4) The interest or alternative finance return referred to in paragraph (1) in all other respects, except for the purposes of section 629 of ITTOIA 2005, is to be regarded as if it were not income for any income tax purposes, and no repayment of tax or amounts representing tax may be made to the account investor receiving or entitled to such interest. (5) In paragraph (1) “interest” has the same meaning as in regulation 22. .
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