Technical consultation: The Individual Savings Account (Amendment) Regulations 2016
Proposed amendments to the Individual Savings Account Regulations 1998.
Documents
Details
This technical consultation will be of interest to banks, building societies and other financial institutions that offer ISAs.
These regulations amend the existing ISA Regulations to establish a new flexibility within ISA which allows savers to replace cash they have withdrawn from their account earlier in a tax year, without this replacement counting towards the annual ISA limit for that year. This flexibility will be available in relation to both current year and earlier years’ ISA savings where provided for in the terms and conditions of a ‘flexible ISA’.
HM Revenue and Customs has published draft regulations, together with a draft explanatory memorandum and a Tax Information and Impact Note, for a period of technical consultation which will close on 8 November 2015.
This measure was announced in the March 2015 Budget.
Any comments on this draft should be sent by email to savings.audit@hmrc.gsi.gov.uk.