ISA Bulletin Number 13 - 4 June 2009

The ISA Bulletin keeps ISA managers informed of any new developments relating to the ISA scheme. Please ensure the appropriate people in your organisation read it.

We suggest that you keep Bulletins at the front of your copy of the Guidance Notes for ISA Managers.

What this bulletin contains

This bulletin contains an article on:

  • Amendments to the ISA Regulations

Enquiries on this bulletin should be addressed to:

David Taylor
HM Revenue & Customs (SSO Liverpool)
Room 330
St John’s House
Merton Road
Liverpool, L75 1BB

Tel: 0151 472 6156
Email: David Taylor

Amendments to the ISA Regulations

Attached to this Bulletin are draft regulations that the Government intends to lay to amend the ISA regulations. The five minor amendments are as follows:

  • the definition of 'relevant UCITS' to be amended to include UCITS constituted in all EEA States (other than the United Kingdom)
  • the requirement for a declaration for all ISA transfers to be removed.
  • the requirement that a withdrawal or transfer must be possible within 30 days to be removed where a Collective Investment Scheme (CIS) is suspended in accordance with Financial Services Authority (FSA) rules.
  • the procedures for non-written applications to be brought into line with the CTF approach
  • affected individuals who had Icesave ISAs to be allowed to retrospectively reinvest the compensation they have received from Financial Services Compensation Scheme (FSCS) in an ISA with another provider no later than 5 October 2009.

Comments are invited on the attached draft regulation by Thursday 18 June. Please address all comments to David Taylor at HM Revenue & Customs (SSO Liverpool), Room 330, St John’s House, Merton Road, Liverpool, L75 1BB.

Future articles

Part of the purpose of the ISA Bulletins is to clarify areas of the Guidance Notes for ISA Managers. If you feel that any aspect of the guidance is unclear you should contact David Taylor. His telephone number is 0151 472 6156.