Savings (Government Contributions) Act 2017 section Schedule 1 para 14

HMRC power to inspect documents relating to Lifetime ISA withdrawals

Schedule 1 paragraph 14 gives HMRC officers the power to enter business premises and inspect documents to check 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 (directly or indirectly) to bonus amounts paid on qualifying additions, HMRC has the right to investigate withdrawals from that account.
• An HMRC officer may enter the business premises of a relevant person and inspect documents found there, provided the officer reasonably needs to do so to establish whether any withdrawals have occurred and, if so, the details of those withdrawals.
• A "relevant person" means the current plan manager of the Lifetime ISA, any subsequent plan manager, or any other person whom an HMRC officer believes may have received all or part of a withdrawal from the account.
• Additional supplementary rules about how these inspection powers operate are set out in paragraph 15 of Schedule 1.