The Individual Savings Account Regulations 1998

[F1 Government bonus claim U.K.

2.— (1) The Board may from time to time specify—

(a) the information to be included in a claim for a government bonus;

(b) the periods to which such a claim is to relate; and

(c) the form or manner in which such a claim is to be made.

(2) A government bonus is only payable if a claim for it is made in accordance with this Schedule.

(3) The person who must make a claim for a government bonus for qualifying additions made to the Lifetime ISA in a claim period is—

(a) subject to sub-paragraph (b), the person who is, or was, the account manager of a Lifetime ISA at the end of a claim period or on closure of a Lifetime ISA;

(b) where a Lifetime ISA is transferred to another such account of the account investor during a claim period, the account manager of the account at the end of the period.

(4) The claim is to be made within 14 days beginning with the day after the end of a claim period.

(5) The Board (subject to checking and if necessary correcting the amount of the claim) must pay the account manager any government bonus amount that is due—

(a) where the claim is made by the due date, within 14 days beginning with the day after the due date for the claim; and

(b) where the claim is made later than the due date, within 14 days beginning with the day after the due date for a claim for the claim period in which the late claim is made.

(6) Any government bonus payment which on being made is not paid into a Lifetime ISA of the account investor must be treated as a withdrawal.

(7) Where a claim has been made and the account manager becomes aware within six years after the end of the claim period that—

(a) anything which should have been included in the claim has not been included,

(b) anything which should not have been included in the claim has been included, or

(c) any other error has occurred in the claim,

the account manager must correct the error without delay.

(8) If the account manager corrects a claim, such assessments, adjustments, payments or repayments of government bonus as are necessary for achieving the objective mentioned in sub-paragraph (9) must be made.

(9) The objective is that the entitlement (or otherwise) of the account investor to a government bonus should be the same as it would have been if a correct claim had been delivered.

(10) The Board may enquire into a claim and return if—

(a) they have reasonable grounds for believing that an error has occurred in the claim, and

(b) they give notice to the account manager of their intention to do so no later than 12 months after the date on which the claim is made.

(11) Otherwise than where an account manager is notified of a death or determination in accordance with paragraph 4(2) of a terminal illness of an account investor, no claim for a government bonus arising in respect of the year 2017-18 may be made before the end of that year.]

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