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News
Revenue press releases
Investment regulations
The Treasury has laid regulations that will implement several changes announced in the pre-Budget report last November to the rules for individual savings accounts and personal equity plans. All the changes will take effect from 6 April 2001.
News
Revenue press releases
Investment regulations
The Treasury has laid regulations that will implement several changes announced in the pre-Budget report last November to the rules for individual savings accounts and personal equity plans. All the changes will take effect from 6 April 2001.
The regulations provide for the retention for a further five years, until April 2006, of the overall £7,000 individual savings account subscription limit, including up to £3,000 into cash and £1,000 into life insurance.
They also implement other changes following the review of the operation of individual savings accounts, which took place last year. These changes are:
* the extension of cash individual savings accounts to 16 and 17 year olds;
* the extension of the more flexible individual savings account rules on investments, transfers and administrative procedure to personal equity plans;
* allowing the spouses of Crown servants serving overseas to open individual savings accounts.
The regulations are the Individual Savings Account (Amendment) Regulations 2001 (SI 2001 No 908) laid on 12 March and the Personal Equity Plan (Amendment) Regulations 2001 (SI 2001 No 923) laid on 13 March. They are available from the Stationery Office, and also on the Internet at www.inlandrevenue.gov.uk shortly.
(Source: Inland Revenue press release dated 13 March 2001.)
Individual pension accounts
Regulations laid recently will allow individuals who hold units in individual pension account dedicated unit trusts within an individual pensions account to adjust their investments within that framework without the usual stamp duty reserve tax charge.
The exemption will also apply to individual pension account dedicated open-ended investment companies.
The new regulations are The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme and Open-ended Investment Company) Regulations 2001 (SI 2001/964), and they take effect from 6 April 2001.
Copies of the Regulations are available from the Stationery Office and the Revenue's website:
www.inlandrevenue.gov.uk.(Source: Inland Revenue press release dated 15 March 2001.)
