Guidance

ISA manager bulletin 74

Published 13 February 2017

Annual Subscription Limits

From 6 April 2017 the annual subscription limits will be £20,000 for Individual Savings Accounts (ISAs) and £4,128 for Junior ISAs.

Lifetime ISA Private Beta and ISA manager authorisation process

If you’re an ISA manager or software provider offering the lifetime ISA either at, or in the 6 months after, 6 April 2017, you must register before 6 March 2017 for the Lifetime ISA Private Beta. This will make sure you receive authorisation in time for your delivery.

The Private Beta will be made up of a controlled group of users who will help in the final testing and operation of HM Revenue and Customs (HMRC) IT systems. This will make sure the systems fit your organisation’s needs as soon as it’s launched.

The Private Beta will ensure you benefit from:

• our assistance in the completion of your Lifetime ISA authorisation process
• the chance to take part in testing activities until the systems are fully implemented for 2017/2018
• the creation of a 1 to 1 relationship with HMRC during the early implementation of the Application Programming Interface (API)
• the engagement in additional user research activities to help define the API solution for 2018/2019
• the availability of additional support from HMRC both pre and post the Lifetime ISA launch

To register for the Lifetime ISA Private Beta, email the following information to savings.audit@hmrc.gsi.gov.uk with the subject heading ‘Private BETA Registration’ by Monday 6 March 2017:

• the name of the main private beta contact within your organisation
• the name of the deputy private beta contact
• emails and phone numbers for both contacts
• the date that you wish to offer the Lifetime ISA product from
• whether you’ll be offering software or the Lifetime ISA
• the name of the person in your organisation who will make the application seeking authorisation to offer the Lifetime ISA
• the date when you will be looking to apply for authorisation

Activities and support will be based against the date that you wish to offer the Lifetime ISA product from and the date when you will be looking to apply for authorisation.

If you haven’t started your system development yet, you can still register for the Private Beta and take part in user research activities, but you’ll not be a priority for support until your system development has matured to the level where testing can begin.

Once we’ve received your registration application we’ll confirm your registration and then send an information pack in early March explaining next steps.

As part of the Private Beta you must be able to take part in testing activities and user research activities as and when required, including testing of contingency processes.

Technical consultation on Estates in Administration

Please note that HMRC has published Draft legislation: the Individual Savings Account (Amendment) Regulations 2017 amending the ISA Regulations for the purposes of a technical consultation; together with a draft explanatory memorandum. The draft legislation will give effect to the extension of ISA tax advantages to those investments held within an account after the death of the account holder.

This technical consulation will be of interest to both ISA investors and managers and will close on 7 April 2017.

Any comment on the draft regulations or any enquiries on this bulletin should be sent by email to savings.audit@hmrc.gsi.gov.uk with the subject heading ‘Consultation Comment Estates in Administration’.