The Child Trust Funds (Amendment) Regulations, SI 2012/1870, amend the CTF regulations to lift a prohibition on ‘connected’ accounts where both accounts are ‘tax advantaged’.
The Individual Savings Account (Amendment) (No. 2) Regulations, SI 2012/1871, change the rules on operation and management of ISAs to allow subscriptions that do not count towards the annual subscription limits where there has been a ‘default or failure’. Other changes relax requirements relating to ISAs transferred in bulk between account managers; allow The Share Foundation to open and manage Junior ISAs in respect of certain ‘looked after children’; and allow account managers to provide more favourable terms in relation to cash ISAs that are connected with other tax advantaged accounts.
The Child Trust Funds (Amendment) Regulations, SI 2012/1870, amend the CTF regulations to lift a prohibition on ‘connected’ accounts where both accounts are ‘tax advantaged’.
The Individual Savings Account (Amendment) (No. 2) Regulations, SI 2012/1871, change the rules on operation and management of ISAs to allow subscriptions that do not count towards the annual subscription limits where there has been a ‘default or failure’. Other changes relax requirements relating to ISAs transferred in bulk between account managers; allow The Share Foundation to open and manage Junior ISAs in respect of certain ‘looked after children’; and allow account managers to provide more favourable terms in relation to cash ISAs that are connected with other tax advantaged accounts.
