Paragraph 11 Amounts not treated as withdrawalsF1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. para. 5 substituted by Individual Savings Account 2026 reg. 5(2)
Sch. para. 6A inserted by Individual Savings Account 2026 reg. 5(3)
Sch. para. 10A inserted by Individual Savings Account 2026 reg. 5(4)
Sch. para. 13(3A) inserted by Individual Savings Account 2026 reg. 5(5)
Sch. para. 14(1A)(1B) inserted by Individual Savings Account 2026 reg. 5(6)

For the purposes of paragraphs 7(2) and 11(b) of Schedule 1, withdrawals, removals or losses from a Lifetime ISA do not count for the application of a withdrawal charge if they are in respect of—

(a)

a payment (including a government bonus) to an invalid account under regulation 4A or 4AA;

(b)

excess payments and their proceeds described in regulation 4AA;

(c)

any fees or charges properly levied or charged in respect of the management by the account manager of a Lifetime ISA and account investments in accordance with their terms and conditions;

(d)

a default event under regulation 5DC or in respect of an act or omission or circumstance not attributable to the account investor; or

(e)

an amount recouped in accordance with paragraph 12.

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