Paragraph 7

(1)

Paragraph 8 does not apply to a withdrawal from a Lifetime ISA—

(a)

at a time after the investor has reached such age as may be specified in Treasury regulations (but see sub-paragraph (3));

(b)

for the purposes of a first-time residential purchase being made by the investor (but see sub-paragraph (4));

(c)

at a time when the investor is suffering from a terminal illness;

(d)

at a time after the investor's death;

(e)

that is by way of transfer to another Lifetime ISA.

(2)

Treasury regulations may specify other withdrawals from a Lifetime ISA to which paragraph 8 does not apply.

(3)

Treasury regulations may provide, as an exception to sub-paragraph (1)(a), that paragraph 8 applies to a withdrawal from a Lifetime ISA if—

(a)

an addition is made to a Lifetime ISA at a time after the investor has reached such age as may be specified in the regulations,

(b)

the withdrawal is under the regulations treated as being or including a withdrawal of investments representing the whole or part of the addition, and

(c)

the withdrawal is made within a period—

(i)

beginning with the date of the addition, and

(ii)

of a duration specified in the regulations.

(4)

Treasury regulations may specify withdrawals from a Lifetime ISA, which may be withdrawals within sub-paragraph (1)(b), to which paragraph 8—

(a)

does not apply at the time of withdrawal, but

(b)

comes to apply on a subsequent failure to meet conditions specified in the regulations.

(5)

Treasury regulations may make provision supplementing sub-paragraph (1), including (in particular) provision about—

(a)

what counts as a “first-time residential purchase”;

(b)

whether, or the extent to which, a withdrawal is for the purposes of such a purchase;

(c)

when a person is to be considered to be suffering from a terminal illness;

(d)

conditions to be met in order for a transfer to count for the purposes of sub-paragraph (1)(e).