ISA manager bulletin 77
Published 24 April 2018
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This publication is available at https://www.gov.uk/government/publications/isa-manager-bulletin-77/isa-manager-bulletin-77
1. Guidance notes for ISA managers
The format of the guidance notes for ISA managers has changed and replaces the previous PDF document.
The new guidance includes all the changes in this bulletin as well as:
- ISA manager bulletin 75 (issued on 9 January 2018)
- ISA manager bulletin 76 (issued on 27 January 2018)
Previous versions of the guidance notes for ISA managers can be found on the UK Government Web archive.
To get emails when the guidance is updated please subscribe to email alerts.
2. Request to reverse a JISA subscription
When a Junior ISA (JISA) provider receives a request to reverse a JISA subscription that was paid into in error by a parent of a child or any other person, they should tell the person making the request that their subscription is a gift to a child and cannot be repaid.
The lock-in nature of the JISA means that subscriptions made by parents or any other person into a JISA cannot be repaid or reversed because the subscription is a gift to the child, however there are some circumstances when investments can be withdrawn from a JISA.
JISA providers should contact HMRC by email: savings.audit@hmrc.gsi.gov.uk to reverse a subscription if it was paid into a JISA following a mistake by the JISA provider.
HMRC will need full details of the circumstances that led to the error. HMRC may also need to consider the subscription history for the account.
3. Reporting on Lifetime ISAs
These ISA forms have information about Lifetime ISAs:
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annual return (ISA14) – the statements of income for both Stocks and Shares ISA and Cash ISA must include Lifetime ISAs
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annual return of statistical information (market value), (ISA14(Stats) and ISA14a(Stats)) – the valuations of both Stocks and Shares ISA and Cash ISA must include Lifetime ISAs
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annual return of statistical information (subscriptions), (ISA25(Stats) and ISA14a(Stats)) – the number of Lifetime ISAs to which subscriptions have been made in the year and the total amounts subscribed in the year to Lifetime ISAs must be reported