Savings (Government Contributions) Act 2017 section Sch 1 para 10

HMRC information powers relating to Lifetime ISA withdrawals

Schedule 1, paragraph 10 gives HMRC the power to require information and documents from relevant parties in order to establish whether withdrawals have been made from a Lifetime ISA that holds investments linked to government bonus payments.

• Where investments in a Lifetime ISA are linked to government bonus amounts, HMRC can issue a notice requiring information or documents about any withdrawals from that ISA.
• Notices can be issued to the current or any former plan manager, the investor themselves, or any other person who appears to have received all or part of a withdrawal.
• If the notice is given to someone other than the current plan manager, HMRC must also send a copy of the notice to the current plan manager.
• The recipient of a notice has the right to appeal against the notice itself or against any specific requirement within it, following the appeal procedures set out in Schedule 36 to the Finance Act 2008.