The National Savings (Amendment) Regulations, SI 2017/787, introduce a definition of a ‘junior ISA account’ (JISA) into the principal regulations, to make the necessary provision for a new JISA offered by National Savings and Investments (NS&I). To ensure that JISAs offered by NS&I are compliant with the ISA regulations, the amendments remove the rules prohibiting certain people opening a JISA, including those:
not resident in the UK;
between the ages or 16 and 18; and
dependents of a person in overseas Crown employment.
The amendments also remove the rules prohibiting deposits being made where the account holder (the child) stops being a UK resident.
The regulations come into force on 15 August 2017.
The National Savings (Amendment) Regulations, SI 2017/787, introduce a definition of a ‘junior ISA account’ (JISA) into the principal regulations, to make the necessary provision for a new JISA offered by National Savings and Investments (NS&I). To ensure that JISAs offered by NS&I are compliant with the ISA regulations, the amendments remove the rules prohibiting certain people opening a JISA, including those:
not resident in the UK;
between the ages or 16 and 18; and
dependents of a person in overseas Crown employment.
The amendments also remove the rules prohibiting deposits being made where the account holder (the child) stops being a UK resident.
The regulations come into force on 15 August 2017.
