OpenLegislation

Paragraph 10A Failed purchase of property exceeding the property price capF1F2

(1)

This paragraph applies in respect of a withdrawal where—

(a)

a withdrawal to which paragraph 6A applies has been made,

(b)

the account manager has deducted a withdrawal charge in respect of that withdrawal,

(c)

the purchase fails to complete in circumstances falling within paragraph 9(2)(b), and

(d)

the withdrawal is returned to the account manager in accordance with paragraph 10(1).

(2)

Where this paragraph applies—

(a)

the withdrawal is to be treated as a withdrawal to which paragraph 8 of Schedule 1 does not apply, and

(b)

the account manager must restore an amount equal to the withdrawal charge deducted in respect of the withdrawal to the account investor’s Lifetime ISA.

Annotations

Textual amendments

F1

Schedule inserted (6.4.2017) by The Individual Savings Account (Amendment No. 2) Regulations 2017 (S.I. 2017/466), regs. 1, 31

F2

Sch. para. 10A inserted (29.10.2026) by The Individual Savings Account (Amendment) (No. 3) Regulations 2026 (S.I. 2026/1130), regs. 1(2), 5(4) (with reg. 1(3))