What does 'bonus' mean under Schedule 1 of the Savings (Government Contributions) Act 2017?

Under Schedule 1, paragraph 1, 'bonus' means the government bonus payable under section 1 of the Act. In practice, this is the 25% government contribution added to an individual's Lifetime ISA savings, up to the annual contribution limit. This definition applies consistently throughout the Schedule.

Who is the 'plan manager' for a Lifetime ISA under United Kingdom law?

The term 'plan manager' takes its meaning from section 696(2) of the Income Tax (Trading and Other Income) Act 2005. In practice, the plan manager is the financial institution — typically a bank, building society or investment firm — that administers the Lifetime ISA on behalf of the account holder.

How is the term 'document' defined in Schedule 1 of the Savings (Government Contributions) Act 2017?

The term 'document' is broadly defined under paragraph 1 to include a part of a document, unless the context requires otherwise. This flexible definition ensures that references to documents elsewhere in the Schedule can apply to extracts or specific sections of longer documents where appropriate.

Why does Schedule 1, paragraph 1 define key terms at the outset?

Paragraph 1 establishes definitions for 'bonus', 'plan manager' and 'document' to ensure that these terms are interpreted uniformly throughout Schedule 1. This promotes consistency and legal certainty when applying subsequent provisions of the Savings (Government Contributions) Act 2017 across the United Kingdom.

Savings (Government Contributions) Act 2017 section Schedule 1 para 1

Key definitions used in the Schedule

Schedule 1, paragraph 1 defines several key terms used throughout the Schedule, including "bonus", "plan manager" and "document".

A "bonus" means a government bonus payable under section 1 of the Act — that is, the 25% government contribution added to Lifetime ISA savings.
A "plan manager" has the meaning given by section 696(2) of the Income Tax (Trading and Other Income) Act 2005 — in practice, this is the financial institution that manages the Lifetime ISA on behalf of the saver.
The term "document" is broadly defined and includes a part of a document, unless the context requires otherwise.
These definitions apply consistently throughout the Schedule and ensure that the terminology used in subsequent provisions is interpreted uniformly.

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