SCHEDULES
SCHEDULE 1Lifetime ISAs: further provision
Part 5Further provision about penalties
Penalties for dishonesty
17
1
Sub-paragraph (2) applies to a person who dishonestly does anything, or dishonestly omits to do anything, either—
a
for the purpose of obtaining an amount by way of bonus to which the person is not entitled, or
b
for the purpose of assisting another person to obtain an amount by way of bonus to which that other person is not entitled.
2
The person is liable to a penalty not exceeding the greater of—
a
£3,000, and
b
the amount mentioned in paragraph (a) or (b), as the case may be, of sub-paragraph (1).
3
Sub-paragraph (4) applies to a person who dishonestly does anything, or dishonestly omits to do anything, for the purpose of—
a
securing that a withdrawal from a Lifetime ISA, other than a withdrawal specified under paragraph 7(4), is made without deduction of any amount that under paragraph 8(3)(b) should be deducted from the withdrawal, or
b
concealing that an amount has become payable under paragraph 8.
4
The person is liable to a penalty of an amount not exceeding the greater of—
a
£3,000, and
b
the amount that should have been deducted or (as the case may be) the amount concealed.
5
Treasury regulations may substitute a different amount for the amount for the time being specified in sub-paragraph (2)(a) or (4)(a).
6
Paragraphs 46 to 49 and 52 of Schedule 36 to the Finance Act 2008 (penalties: assessment, appeals and enforcement) apply in relation to a penalty under this paragraph as they apply in relation to a penalty under paragraph 40A of that Schedule, except that the reference in paragraph 46(4) to the inaccuracy has effect as a reference to the dishonest act or omission.