ISA managers are required to keep sufficient records to enable the requirements of the regulations to be satisfied (SI 1998/1870, reg. 29). This simple statement belies the fact that extensive records are required to comply with the reporting requirements imposed to file annual returns.
Where an account is transferred by means of a bulk transfer between managers who are companies within the same group, the records kept by the transferor are to be treated, with effect from 9 November 2011, as kept by the transferee for the purpose of these requirements (SI 1998/1870, reg. 29(2)).
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