03.13 – Certain Other Tax Favoured Accounts or Products

The following accounts or products are not to be treated as Financial Accounts for the legislation:

  • Individual Savings Accounts (ISAs) as defined in the Individual Savings Account Regulations 1998 (SI 1998 No.1870) and subsequent Amendment Regulations.
  • Junior ISAs as defined in the Individual Savings Account Regulations 1998 No.1870, and subsequent Amendment Regulations.
  • Child Trust Funds as defined in the Child Trust Funds Act 2004 and subsequent Amendment Regulations.
  • Premium Bonds where issued by NS&I (UK National Savings and Investments).
  • Children’s Bonus Bonds where issued by NS&I (UK National Savings and Investments).
  • Fixed Interest Savings Certificates where issued by NS&I (UK National Savings and Investments).
  • Index Linked Savings Certificates where issued by NS&I (UK National Savings and Investments).
  • Tax Exempt Savings Plans where issued by a Friendly Society within the meaning of the Friendly Societies Act 1992 (c. 40).
  • Share Incentive Plans approved by HMRC under Schedule 2 Income Tax (Earnings and Pensions) Act 2003*.
  • Save As You Earn Share Option Schemes approved by HMRC under Schedule 3 Income Tax (Earnings and Pensions) Act 2003*.
  • Company Share Option Plans approved by HMRC under Schedule 4 Income Tax (Earnings and Pensions) Act 2003*.
  • Immediate Needs Annuities.

*The Share Option Schemes and Profit Sharing Schemes approved by HMRC under Schedule 9 Income and Corporation Taxes Act 1988 that preceded and were replaced by the approved schemes in the Income Tax (Earnings and Pensions) Act 2003 are also considered not to be treated as Financial Accounts for the purposes of the legislation.

These accounts will not therefore be subject to the due diligence procedures and are not Reportable Accounts.