Regulation 25 Amendment of the Schedule

In the Schedule (Lifetime ISA further provision)—

(a)

in paragraph 1 (interpretation)—

(i)

in sub-paragraph (1)—

(aa)

for the definition of “claim period” substitute—

““claim period” means—

(a)

a period beginning with the 6th day of a month and ending with the 5th day of the following month, or

(b)

such period as may be specified from time to time under paragraph 2(1);”;

(bb)

in the definition of “qualifying addition” omit “or a payment under regulation 10A(4)(c)”;

(ii)

omit sub-paragraphs (2), (3) and (4);

(b)

in paragraph 2 (government bonus claim) omit sub-paragraph (11);

(c)

in paragraph 7 (definitions for the purposes of paragraph 6), after the definition of “a legal interest in land” insert—

““loan” does not include a loan made by a person who is connected to the account investor, and for this purpose “connected” has the meaning given by section 993 of ITA 2007^f1;”;

(d)

in paragraph 13 (withdrawals: information returns) omit sub-paragraph (5).

Annotations

Footnotes

f1: “ITA 2007” is defined as the Income Tax Act 2007 (c. 3) in regulation 2(1)(a) of the Principal Regulations.