Weekly tax highlights ― 21 October 2024

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Direct taxes

ISA Regulations updated to permit fractional shares

The Individual Savings Account (Amendment) (No 2) Regulations, SI 2024/1022, provide that certain defined fractional interests are qualifying investments for ISA purposes. Conditions apply and the shares must otherwise be qualifying shares. Consequential changes are also made to related provisions in the principal ISA Regulations (SI 1998/1870) ― for example, to disapply voting rights requirements on the shares. The fractional shares amendments have effect from 4 November 2024. The Regulations also make changes around the requirement to provide a National Insurance number on the opening of an ISA, with effect from the 2025–26 tax year onwards.

The Child Trust Funds (Amendment) (No 2) Regulations, SI 2024/1023, broadly follow similar principles in relation to fractional interests in shares included in child trust funds accounts, and also come into force on 4 November 2024.

HMRC has issued a new Tax Information and Impact Note to accompany and explain both sets of Regulations. As originally published, the TIIN says that the measures relating to fractional shares have effect from

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