Regulation 10A Lifetime ISA qualifying individuals who may invest under a Lifetime ISAF1
United Kingdom
This regulation specifies the description of individual (“Lifetime ISA qualifying individual”) who may invest under a Lifetime ISA.
A Lifetime ISA qualifying individual to whom paragraph (1) refers is an individual who—
is 18 years of age or over;
in relation to a current year payment is under 50 years of age;
in relation to a current year payment or a payment under paragraph (4)(c), has not made, and will not make, any such payment to any other Lifetime ISA in the year in which the payment is made;
has not exceeded the overall subscription limit in regulation 4ZA(1) in that year;
has not exceeded the overall Lifetime ISA payment limit in regulation 4ZA(1A) in that year; and
in relation to a current year payment or a payment under paragraph (4)(c), is resident in the United Kingdom or, if not so resident—
is a person who has general earnings from overseas Crown employment subject to United Kingdom tax within the meaning given by section 28 of ITEPA 2003, or
is married to or in a civil partnership with a person mentioned in paragraph (i).
Subject to paragraph (4), the following are current year payments—
a subscription of money;
a subscription of shares to which regulation 7(2)(h) applies;
a subscription to which regulation 5D applies;
an additional permitted subscription in accordance with regulation 5DDA;
a replacement subscription in accordance with regulation 5DDB;
an additional permitted subscription on closure of a Help to Buy ISA in accordance with regulation 5DDC; and
a transfer of qualifying investments for a Lifetime ISA component from an account which is not a Lifetime ISA.
Annotations
Textual amendments
- F1
Reg. 10A inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 21
- F2
Word in reg. 10A(4) omitted (6.4.2024) by virtue of The Individual Savings Account (Amendment) Regulations 2024 (S.I. 2024/350), regs. 1, 18(a)
- F3
Reg. 10A(4)(c) omitted (6.4.2024) by virtue of The Individual Savings Account (Amendment) Regulations 2024 (S.I. 2024/350), regs. 1, 18(b)