Savings (Government Contributions) Act 2017

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).