Tax-free savings newsletter 5 — April 2022
Published 25 April 2022
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1. Re-instating funds mistakenly released from a Child Trust Fund (CTF) or Junior ISA (JISA)
Regulation 23 of the CTF regulations requires the account provider and registered contact to take any steps necessary to remedy any breach of the regulations. This includes the release of funds in circumstances other than those provided for by Regulation 18 (permitted withdrawals).
Accounts breached in this way must be restored to the same position as prior to the breach. Withdrawn funds must be replaced.
Regulation 21C of the Individuals Savings Accounts (ISA) regulations also requires the account manager and registered contact to take all necessary steps to remedy any breach of the ISA regulations relating to Junior ISAs. This also includes the release of funds in circumstances other than those provided for by regulation 4ZD (permitted withdrawals).
Repairing a breach makes sure the account does not become invalid. If breaches have taken place, account providers may be subject to a penalty.
2. ISA, Lifetime ISA (LISA), JISA and CTF annual subscription limits 2022 to 2023
For the tax year 2022 to 2023, the annual subscription limits are as follows:
- ISA remains at £20,000
- LISA remains at £4,000
- Junior ISA and CTF remain at £9,000
3. Changes to the JISA statistical returns
We’ve published a revised JISA statistical return (JISA14a) on GOV.UK, to be used for the tax year 2021 to 2022 and subsequent years.
The JISA14 statistical return for reporting ISA market values and the JISA25 statistical return for reporting ISA subscriptions have both been withdrawn.
The JISA14a statistical return is now the only form that ISA managers must complete to provide their annual JISA statistical information to HMRC. This must be provided within 60 days of the 5 April each year or the date of ceasing to act as an ISA manager.
The form now includes:
- the statement of income information for stocks and shares
- cash ISAs which were previously on the JISA14 annual claim form
The guidance for ISA managers on JISA annual returns has been updated to reflect the changes to the form.
The previous guidance for completing the JISA14 and JISA25 statistical returns has been withdrawn.
4. The ISA14 annual claim form
In ISA bulletin 80, we advised that amendments were being made to the ISA14 annual claim form and that this form only needs to be completed and submitted to HMRC when:
- UK Income Tax has been deducted from income earned by investments held in an ISA and no interim claims have been made
- interim claims have been made to HMRC during the period ending 5 April 2022 and the ISA14 consolidates the amounts claimed on those interim claims
The guidance for ISA managers on annual returns and tax claims has been updated to reflect the changes to the form.
No changes have been made to the ISA interim claim for (ISA10).
5. CTF returns of information for 2021 to 2022
The deadline for filing your annual return of information for the tax year ending 5 April 2022 is 4 June 2022.
Providers must report details of all CTF accounts they managed during the return period, including CTFs transferred in and where the child has died. Details of CTF accounts transferred to another provider do not need to be reported to HMRC.
The annual CTF return can only be submitted to HMRC electronically. For each CTF managed during the period, the return must include the:
- child’s unique reference number
- type of account
- registered contact for the account (if there is one)
- aggregate market value of the investments held under the account at 5 April 2022
- total cash subscribed to the account during the return period ending on 5 April 2022
Find more information about CTF returns of information.
6. ISA manager returns of information and statistical information for 2021 to 2022
The deadline for filing your annual return of ISA account information and your ISA and JISA statistical returns for the tax year ending 5 April 2022 is 4 June 2022.
Find more information about: