Savings (Government Contributions) Act 2017 section Sch 1 para 16

Penalties for non-compliance with Lifetime ISA information and inspection requirements

Section Schedule 1, paragraph 16 sets out the penalties that apply when a person fails to meet their obligations regarding Lifetime ISA bonus claims, information notices, withdrawal charge requirements, or HMRC inspections.

• A person who fails to comply with claim requirements, information notices, withdrawal charge obligations, or who deliberately obstructs a tribunal-approved HMRC inspection is liable to a fixed penalty
• If the failure or obstruction continues after the initial penalty is imposed, further daily penalties may be charged for each day the non-compliance persists
• Concealing, destroying, or disposing of documents that were required under an information notice is treated as a failure to comply with that notice
• The existing penalty framework in Schedule 36 to the Finance Act 2008 — covering liability, assessment, appeals, and enforcement — applies to these Lifetime ISA penalties