The Individual Savings Account Regulations 1998

[F1 Information from conveyancer U.K.

9.— (1) Within 10 business days after either of the events listed in sub-paragraph (2) the account investor must procure that the conveyancer provides the information referred to in sub-paragraph (3) to the account investor’s account manager of the Lifetime ISA from which the withdrawal for the acquisition was made.

(2) The events referred to in sub-paragraph (1) are—

(a) the purchase of the residential property being completed;

(b) the purchase not completing within 90 days of the date of receipt of the withdrawal by the conveyancer or, if earlier, the withdrawal of the account investor or the seller from the sale and purchase of the residential property.

(3) The information referred to in sub-paragraph (1) is—

(a) in the case of a purchase completing—

(i) the date of completion of the purchase;

(ii) the account number of the Lifetime ISA from which the withdrawal was made; and

(iii) the conveyancer’s unique conveyancer reference number with the appropriate professional body.

(b) in the case of a purchase not completing,—

(i) a declaration that the purchase of the residential property in question has not completed;

(ii) the amount of the withdrawal that is being returned and, if it is not the full amount, an account of any shortfall;

(iii) the name and address of the account investor;

(iv) the account number of the Lifetime ISA from which the withdrawal was made;

(v) the conveyancer’s unique conveyancer registration number with the appropriate professional body; and

(c) in either of the events listed in sub-paragraph (2), a declaration, to the best of the individual’s knowledge and belief, as to whether any of the requirements of paragraph 6(2) to (13) has not been complied with or any information provided under paragraph 8 is not true or complete.]

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