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CTFs and ISAs

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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 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.

Issue: 1133
Categories: News
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