Guidance

Returns of information for ISA managers

Find out what you need to provide and how to make a return of information.

The requirement to make a return

Managers are required to make a return of information to HM Revenue and Customs (HMRC) within 60 days of either of the following reporting dates:

  • 5 April of each year (returns will therefore need to be made by 4 June)

  • the date of ceasing to qualify, or act, as a manager

At the end of February of the tax year in which the return is due, HMRC will send managers a reminder of their obligations to make a return for that tax year.

What period must be covered

The information required is the later of the period from the:

  • the date the manager began to manage Individual Savings Accounts (ISAs)
  • the last reporting date

What must be returned

We don’t anticipate that reporting in respect of Lifetime ISAs will be required as part of the annual information return (ISAComm100(OCS)). Whilst a report of information will be required, pertaining to Lifetime ISAs, we expect this will be in a digital format within the operation of the Lifetime ISA Application Programming Interface (API). Updates to the API technical specification to take into account the requirements for end of tax year 2017 to 2018 bonus claims/returns and going forwards to the tax year 2018 to 2019 requirements will be issued in Autumn 2017.

The current technical specification for the tax year 2017 to 2018 has been issued for the Lifetime ISA, the latest version of which is available on the developer hub.

Claims for bonuses in-year during the tax year 2017 to 2018 will be limited to terminal illness and death. Such claims will be made through the API for the relevant claim period (6th to 5th of each month).

For the tax year 2017 2018 only all other bonus claims are required to be submitted on an annual basis no later than 14 days following the end of the tax year (i.e. no later than 19 April 2017. Further information on the claim/return for the tax year 2017 to 2018 can be found at Lifetime ISA Reporting.

From the tax year 2018 to 2019, in respect of Lifetime ISAs, the report will be required monthly and will cover the monthly periods from 6th of one month to the 5th of the next calendar month. More information on the content of this report will be provided at a later date but some additional detail may be found within the guidance on Lifetime ISAs.

Managers must report details for all ISAs (and Junior ISAs) they managed during the return period, including ISAs transferred in, and ISAs that have been closed.

But they should exclude details of ISAs transferred out in full, made void, or not proceeded with or cancelled within 30 days of opening in the return period.

Where an investor holds more than one ISA with the same manager (for example, a cash ISA and a stocks and shares ISA), managers must report details of each ISA separately.

For each ‘continuing account of a deceased investor’ for the period ending 5 April 2019 managers must report the:

  • name and address of the deceased investor

  • date of birth of the deceased investor

  • National Insurance number of the deceased investor

How to make returns of Information

Returns of information can be submitted on :

  • a flat text file produced in accordance with the ISA Electronic Flat Text File specification

  • the HMRC spreadsheet

The preferred method for making returns is a flat text file produced in accordance with the ISA Electronic Flat Text File specification.

Permitted media

The preferred method for making returns is a flat text file produced in accordance with the ISA Electronic Flat Text File specification.

Returns must conform to the specification and format described in this document. Any return that doesn’t conform to this specification may be rejected and, in which case the manager may be regarded as either having failed to make a return or as having made an incorrect return.

HMRC Spreadsheet

Instead of creating a flat text file in accordance with the ISA Electronic Flat Text File specification managers may make a return on the HMRC spreadsheet.

To use the spreadsheet:

  • click on the link above to open the spreadsheet template

  • save the spreadsheet template to your computer

  • complete the spreadsheet following the guidance in the yellow comments boxes in the spreadsheet

Submission of returns

HMRC will include submission documents with the notice. Labels are no longer issued routinely but can be requested by contacting cni.firm@hmrc.gdsi.gov.uk quoting the name of the ISA manager and HMRC reference.

HMRC would prefer managers to submit their return via Secure Electronic Transfer (SET). Alternatively returns can be emailed to tpi.a@hmrc.gsi.gov.uk.

Returns on permitted physical media should be submitted to:

HMRC
Centre for National Information
Ty Glas Road
Llanishen
Cardiff
CF14 5ZG

For simple enquiries such as:- has my return been received, has my return passed or failed, to change contact details – please email tpi.c@hmrc.gsi.gov.uk.

To request an additional sub number, closure of an existing sub number or for questions about submitting your return please email cni.enquiries@hmrc.gsi.gov.uk.

ISA managers who fail to submit their returns of information by 4 June will be sent a reminder. No claims for payment will be processed until the return is submitted (see basis of annual return and tax claims).

Penalties

Penalties may be charged on managers under Schedule 23 FA 2011.

Published 5 April 2018