7(1)Paragraph 8 does not apply to a withdrawal from a Lifetime ISA—U.K.
(a)at a time after the investor has reached such age as may be specified in Treasury regulations (but see sub-paragraph (3));
(b)for the purposes of a first-time residential purchase being made by the investor (but see sub-paragraph (4));
(c)at a time when the investor is suffering from a terminal illness;
(d)at a time after the investor's death;
(e)that is by way of transfer to another Lifetime ISA.
(2)Treasury regulations may specify other withdrawals from a Lifetime ISA to which paragraph 8 does not apply.
(3)Treasury regulations may provide, as an exception to sub-paragraph (1)(a), that paragraph 8 applies to a withdrawal from a Lifetime ISA if—
(a)an addition is made to a Lifetime ISA at a time after the investor has reached such age as may be specified in the regulations,
(b)the withdrawal is under the regulations treated as being or including a withdrawal of investments representing the whole or part of the addition, and
(c)the withdrawal is made within a period—
(i)beginning with the date of the addition, and
(ii)of a duration specified in the regulations.
(4)Treasury regulations may specify withdrawals from a Lifetime ISA, which may be withdrawals within sub-paragraph (1)(b), to which paragraph 8—
(a)does not apply at the time of withdrawal, but
(b)comes to apply on a subsequent failure to meet conditions specified in the regulations.
(5)Treasury regulations may make provision supplementing sub-paragraph (1), including (in particular) provision about—
(a)what counts as a “first-time residential purchase”;
(b)whether, or the extent to which, a withdrawal is for the purposes of such a purchase;
(c)when a person is to be considered to be suffering from a terminal illness;
(d)conditions to be met in order for a transfer to count for the purposes of sub-paragraph (1)(e).