SCHEDULES

SCHEDULE 1Lifetime ISAs: further provision

Part 3Charges on some withdrawals from Lifetime ISAs

Payment of withdrawal charges

9

1

Treasury regulations may make provision—

a

for requiring a person who is or was a plan manager of a Lifetime ISA, or the investor, to submit returns of information relating to withdrawals from the Lifetime ISA;

b

about steps to be taken by the plan manager of a Lifetime ISA before relying on paragraph 7;

c

specifying the date by which a withdrawal charge must be paid;

d

charging interest on a withdrawal charge that is due but unpaid;

e

for collecting a withdrawal charge and any interest charged on it, or otherwise for the purpose of fully implementing paragraph 8;

f

for refunding a withdrawal charge or any interest paid on it.

2

The provision that may be made under sub-paragraph (1)(a) includes (in particular) provision about—

a

the information to be included in a return;

b

the form of a return;

c

the form or manner in which a return is to be submitted;

d

the period to which a return must relate;

e

the period within which a return must be made;

f

enquiries into, and amendments of, a submitted return.

3

The provision that may be made under sub-paragraph (1)(e) includes (in particular) provision applying or incorporating, with or without modifications, any enactment relating to the payment, collection or management of a tax.

4

In this paragraph “withdrawal charge” means an amount payable under paragraph 8.

5

Treasury regulations may authorise HMRC to specify any of the matters mentioned in sub-paragraph (2)(a) to (d).