Savings (Government Contributions) Act 2017 section Sch 1 para 9

Treasury regulations: withdrawal charges and reporting

Section Schedule 1, paragraph 9 sets out the Treasury's powers to make regulations dealing with information reporting on Lifetime ISA withdrawals, the administration of withdrawal charges, and related matters such as interest, collection and refunds.

• The Treasury may require plan managers or investors to submit returns of information about withdrawals from a Lifetime ISA, covering matters such as the content, format, submission method, reporting period and deadlines for those returns.
• Regulations may specify the due date for paying a withdrawal charge, impose interest on any unpaid charge, and set out how charges and interest are to be collected — including by applying existing tax collection rules with any necessary modifications.
• The Treasury may also make regulations for refunding withdrawal charges or any interest paid on them, and for prescribing steps a plan manager must take before treating a withdrawal as exempt from the charge.
• HMRC may be authorised by the Treasury to specify certain practical details of the returns, including the information to be included, the form of the return, the manner of submission and the period to which it must relate.