Savings (Government Contributions) Act 2017 section Schedule 1 para 2

HMRC responsibilities and regulation-making powers for Lifetime ISA bonuses and withdrawal charges

Schedule 1 paragraph 2 establishes HMRC as the body responsible for managing Lifetime ISA government bonuses and withdrawal charges, and grants the Treasury broad powers to make regulations on these matters.

• HMRC is responsible for paying and managing the government bonus on Lifetime ISA contributions.
• HMRC is also responsible for collecting and managing the charges that apply when certain non-exempt withdrawals are made from a Lifetime ISA.
• The Treasury may make regulations covering how bonuses are paid and administered, and how withdrawal charges are collected and administered.
• The regulation-making power is broad and is not limited by any other specific provisions contained later in the Schedule.