The Individual Savings Account (Amendment) Regulations, SI 2024/350, update the principal ISA Regulations, SI 1998/1870, to make the following key changes with effect from 6 April 2024:
individuals will be able to subscribe for more than one ISA of the same type in a tax year, and the requirement to reapply where an existing account has not received subscriptions for over one year will be removed;
for all adult ISAs, the minimum age requirement will be 18 (rather than 16, as currently applies for cash ISAs), but the rights of those under 18 at the time of the change will be protected;
HMRC will be able to withdraw ISA manager approval if the manager is inactive (i.e. not having offered an account within 18 months of approval);
a first-time residential purchase will not be a qualifying withdrawal from a lifetime ISA if the purchase is funded by a loan from a person who is connected to the account investor; and
long-term asset funds and open-ended property funds with extended notice periods will be permitted investments in an innovative finance ISA.
The Individual Savings Account (Amendment) Regulations, SI 2024/350, update the principal ISA Regulations, SI 1998/1870, to make the following key changes with effect from 6 April 2024:
individuals will be able to subscribe for more than one ISA of the same type in a tax year, and the requirement to reapply where an existing account has not received subscriptions for over one year will be removed;
for all adult ISAs, the minimum age requirement will be 18 (rather than 16, as currently applies for cash ISAs), but the rights of those under 18 at the time of the change will be protected;
HMRC will be able to withdraw ISA manager approval if the manager is inactive (i.e. not having offered an account within 18 months of approval);
a first-time residential purchase will not be a qualifying withdrawal from a lifetime ISA if the purchase is funded by a loan from a person who is connected to the account investor; and
long-term asset funds and open-ended property funds with extended notice periods will be permitted investments in an innovative finance ISA.
