Savings (Government Contributions) Act 2017 section Schedule 1, paragraph 11

Definitions of "the investor" and "a withdrawal"

Schedule 1, paragraph 11 gives the Treasury the power to make regulations defining who counts as the investor in a Lifetime ISA and what counts as a withdrawal from one.

• The Treasury may make regulations specifying who is, or is not, regarded as "the investor" in relation to a Lifetime ISA.
• The Treasury may also make regulations specifying what does, or does not, count as "a withdrawal" from a Lifetime ISA.
• These definitions are important because they determine how other rules in the Schedule — such as those governing government bonus payments and withdrawal charges — apply in practice.
• By using secondary legislation (Treasury regulations), these definitions can be updated or refined without requiring a new Act of Parliament.