
1 

(1) These Regulations may be cited as the Individual Savings Account (Amendment) Regulations 2025.
(2)  Regulation 4 comes into force on 6th April 2027 and has effect in relation to the tax year 2027-28 and subsequent tax years.
(3) The rest of these Regulations come into force on 15th July 2025.
2 
The Individual Savings Account Regulations 1998 are amended as follows.
3 
In paragraph (1)(b) of regulation 2 (interpretation), at the appropriate place insert—“
 “long-term asset fund” means a scheme to which chapter 15 of COLL applies;”.
4 
After paragraph (1A) of regulation 4ZA (subscriptions to an account other than a junior ISA account) insert—“
(1B) A qualifying individual may only subscribe to an account that is not a junior ISA account if the account manager of that account—
(a) has been provided with the qualifying individual’s national insurance information specified in paragraph (4), and
(b) has no reason to believe that the qualifying individual does not meet the requirement of regulation 12(3)(f).”.
5 

(1) For paragraph (3) of regulation 5DDB (flexible account) substitute—“
(3 )  Any replacement of a previous years’ subscription may be made only to the account from which the withdrawal of a cash amount it is replacing was made.
(3A) Any replacement subscription that is not deemed to be a replacement of a previous years’ subscription is to be treated as a subscription to an account as specified in regulation 4ZA (subscriptions to an account other than a junior ISA account).”.
(2) In paragraph (4) of regulation 5DDB, before “Any withdrawal” insert “Subject to paragraph (4A),”.
(3) After paragraph (4) of regulation 5DDB insert—“
(4A) No withdrawal under paragraph (1) may reduce the current year’s subscription amount to less than nil.”.
6 
After paragraph (2C) of regulation 7 (qualifying investments for a stocks and shares component) insert—“
(2D) Notwithstanding any provision of paragraph (1), investments which—
(a) immediately before 1st October 2024 fell within paragraph (2)(f) by virtue of being units in, or shares of, a recognised UCITS, or
(b) qualify under paragraph (2)(f) by virtue of being part of an umbrella scheme that immediately before 1st October 2024 fell within that paragraph by virtue of being units in, or shares of, a recognised UCITS,
are to be treated, until the end of 31st December 2026, as qualifying investments for the stocks and shares component.
(2E) Paragraph (2A) ceases to have effect at the end of 31st December 2026.”.
7 
In paragraph (2) of regulation 8A (qualifying investments for an innovative finance component), after sub-paragraph (cb) insert—“
(cc) investments in a long-term asset fund;”.
Jeff Smith
Anna Turley
Two of the Lords Commissioners of His Majesty's Treasury
23rd June 2025