Guidance

Annual returns of statistical information (subscriptions) for ISA managers

When and how to make an annual return of statistical information on ISA subscriptions.

The requirement to make a return

Managers are required to make an annual subscription return of statistical information to HM Revenue & Customs within 60 days of either:

  • 5th April of each year (in which case the return must be made by 4th June)
  • the date of ceasing to qualify, or act, as a manager

What period must be covered?

The information required is for the period from either:

  • the date the ISA manager began to manage ISAs
  • 6th April in the tax year

whichever is the latter.

What must be returned?

Managers must report details for all ISAs to which subscriptions have been made during the year.

They should include ISAs transferred in and ISAs closed prior to the reporting date.

However, they should exclude:

  • ISAs made void, or not proceeded with or cancelled within 30 days of opening prior to the reporting date
  • ISAs whose current year subscriptions were transferred out prior to the reporting date.

Managers must report the total number of ISAs to which subscriptions have been made in the year, broken down into:

  • the number of stocks and shares ISAs (box S04), and the total amount subscribed in the year so far (box S08). For each flexible ISA included, the amount subscribed should be the total subscriptions in the year (disregarding any additional permitted subscriptions, defaulted subscriptions, and Help to Buy ISA reinstatement subscriptions) less any amounts withdrawn. Where withdrawals equal or exceed the amounts subscribed a £nil figure should be used
  • the number of cash ISAs (box S05), and the total amount subscribed in the year. For each flexible ISA included, the amount subscribed should be the total subscriptions in the year (disregarding any additional permitted subscriptions, defaulted subscriptions, and Help to Buy ISA reinstatement subscriptions) less any amounts withdrawn. Where withdrawals equal or exceed the amounts subscribed a £nil figure should be used
  • the number of stocks and shares ISAs that include insurance products (box S06) and the total amount used to purchase insurance products in the year (box S10), and
  • the number of cash ISAs that include insurance products (box S07) and the total amount used to purchase insurance products in the year so far (box S11)
  • reporting forms for 2016-17 and later years will be updated to include:
    • the number of customers who made additional permitted subscriptions, and the total value of those subscriptions in the year the number of innovative finance ISAs, and the total amount subscribed in the year

Where an ISA has been transferred in, the new ISA manager must report subscriptions made to the old ISA manager in the period of return.

See the worked example of what must be returned (PDF, 178KB, 1 page) .

How to make annual returns of statistical information (subscriptions)

Managers can make the subscription return separately, in which case the entries are made on form ISA25(Stats), or the subscription return can be combined with the market value return, in which case the combined return is to be made on form ISA14a(Stats).

The return may be posted to HMRC or e-mailed to: savings.audit@hmrc.gsi.gov.uk.

How to complete form ISA25(Stats) and form ISA14a(Stats)

Boxes must be completed from the left and unused boxes left blank.

Box 1 - ISA manager reference: Enter the reference allocated by HMRC.

Box 2 - ISA manager name: Enter the full name of the ISA manager.

Box 3 – Tax year: Enter the tax year in which the end of the return period falls. For example, for a return made for the year ended 5th April 2017, the entry should be “2017”.

Boxes S04 - S11: Figures for boxes S08 – S11 must be rounded up to the nearest pound.

Managers must report details for all ISAs to which subscriptions have been made during the year, including ISAs transferred in and ISAs closed.

Do not include ISAs:

  • whose current year subscriptions were transferred out prior to the reporting date
  • cancelled within 30 days of opening
  • made void prior to the reporting date

Submission of annual returns of statistical information (subscriptions)

ISA managers who fail to submit their returns of statistical information within 60 days of the return date should be aware that:

  • no claims for payment will be processed until the return is submitted (see amending information supplied)
  • if the outstanding return is not received within the next month a penalty under paragraph 22(a) schedule 23 Financial Act 2011 may be charged
  • managers can continue to make Government Bonus claims due on their Lifetime ISAs to HMRC for processing

Penalties

Penalties may be charged on ISA managers under schedule 23 FA 2011 for making an incorrect return.

Penalties will be charged on ISA managers under schedule 23 FA 2011 for failure to make a return within one month of the issue of a reminder letter.

The maximum initial penalty is £300 and the maximum continuing penalty is £60 a day.

Published 5 April 2018