SCHEDULES
SCHEDULE 1Lifetime ISAs: further provision
Part 2Payment of government bonuses
Claims for bonuses
3
1
Treasury regulations may—
a
provide that a bonus is payable only if a claim for it is made in accordance with Treasury regulations;
b
require a person who is or was the plan manager of a Lifetime ISA to make a claim for a bonus for qualifying additions made to the Lifetime ISA.
2
With regards to claims for bonuses, Treasury regulations may—
a
specify the periods within which claims are to be made;
b
specify the information to be included in claims;
c
specify the periods to which claims are to relate;
d
specify the form or manner in which claims are to be made;
e
make provision about the assessment of claims;
f
specify steps to be taken if a claim is rejected in whole or part;
g
confer rights to a review of a rejection of a claim;
h
make provision for or in connection with appeals against rejections of claims;
i
provide for amendment of a claim if errors are discovered in it.
3
Treasury regulations may authorise HMRC to specify any of the matters mentioned in sub-paragraph (2)(b) to (d).
Recovery of wrongly-paid bonus
4
1
Treasury regulations may provide for the repayment of any amount paid by way of bonus that ought not to have been paid.
2
The regulations may (in particular) make provision—
a
identifying the persons liable to make a repayment;
b
charging interest on repayable amounts;
c
for collecting a repayment and any interest charged on it.
3
The provision that may be made under sub-paragraph (2)(c) includes (in particular) provision applying or incorporating, with or without modifications, any enactment that makes provision in relation to the recovery of amounts of income tax or capital gains tax which has been repaid to a person but which ought not to have been repaid to the person.
Penalties for inaccuracies in claims
5
1
This paragraph applies where—
a
a claim for a bonus contains information which is inaccurate,
b
the inaccuracy is material, and
c
condition A, B or C is met.
2
Condition A is that the inaccuracy is careless or deliberate.
3
An inaccuracy is careless if it is due to a failure by the claimant to take reasonable care.
4
Condition B is that the claimant knows of the inaccuracy at the time the claim is made but does not inform an officer of Revenue and Customs at that time.
5
Condition C is that the claimant—
a
discovers the inaccuracy some time later, and
b
fails to take reasonable steps to inform an officer of Revenue and Customs.
6
The claimant is liable to a penalty not exceeding the amount for the time being specified in paragraph 40A(5) of Schedule 36 to the Finance Act 2008 (penalties for inaccurate information and documents).
7
Where the information contains more than one material inaccuracy, a penalty is payable for each inaccuracy.
8
Paragraphs 46 to 49 and 52 of Schedule 36 to the Finance Act 2008 (penalties: assessment, appeals and enforcement) apply in relation to a penalty under this paragraph as they apply in relation to a penalty under paragraph 40A of that Schedule.