New regulation 5DAA

12.  After regulation 5DA (defaulted cash account subscription) insert—

“Defaulted Lifetime ISA subscription

5DAA.   A subscription is a defaulted Lifetime ISA subscription if—

(a) it is made to a Lifetime ISA held by the account investor who held the Lifetime ISA in respect of which a defaulted investment payment has been made no more than 180 days before the subscription is made; and

(b) it does not exceed the defaulted investment payment.”.