Terms & Conditions

The Lifetime ISA is operated by us as Lifetime ISA manger in accordance with the ISA Regulations. It is designed to be used for you to make your first home purchase and/or to save for later life.

Provided that your Lifetime ISA is valid under the ISA Regulations it will be exempt from UK capital gains and income tax. You may also be eligible for a Government bonus to be paid into your Lifetime ISA.

In order to open a Lifetime ISA with us you must:-    be a UK resident or-   either perform duties which, by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or-   be married to, or in a civil partnership with, a person who performs such duties;-    be under the age of 40 at the time you open the Lifetime ISA and over 18 years of age; and-    not have any other Lifetime ISA in respect of the same tax year.

Unless you tell us otherwise, we will renew your Lifetime ISA at the beginning of each subsequent tax year.

We will open your Lifetime ISA once we have received:-    a valid application from you;-    your first subscription; and-    confirmation from HMRC that we may open the Lifetime ISA. If HMRC does not give this confirmation within 15 days of your application then we will return any subscription amounts that you have paid to us and we will not be able to open the Lifetime ISA.

You can subscribe to your Lifetime ISA in cash.

In each tax year you can only subscribe in accordance with the applicable subscription limits for that tax year. The current limit is £1,000 bonus per tax year.

You must make your first subscription to your Lifetime ISA before you reach the age of 40. You cannot make subscriptions to your Lifetime ISA once you reach the age of 50.

If you cease to be UK resident then you will not be permitted to make any further subscriptions to your Lifetime ISA.

We will not accept any subscriptions into your Lifetime ISA once we have been notified of your death.

At all times while you have a Lifetime ISA with us, you must:-    meet the eligibility requirements at section above and tell us immediately if you no longer meet them;-    not subscribe more than the applicable Lifetime ISA subscription limit in any tax year to this Lifetime ISA;-    not subscribe more than the applicable overall subscription limit in any tax year to this Lifetime ISA, any cash ISA, any stocks and shares ISA and/or any Innovative Finance ISA;-    not subscribe to your Lifetime ISA once you have reached the age of 50;-    be the beneficial owner of all the cash and investments in your Lifetime ISA; and-    not use the investments and/or cash in your Lifetime ISA as security for a loan. If you do not meet these requirements, your Lifetime ISA may be invalid under the ISA Regulations.

We may delegate any of our functions or responsibilities as Lifetime ISA manager to any other person provided that we are satisfied that person is competent to carry out those functions or responsibilities.

You authorise us to make disclosures to HMRC as reasonably required for us to comply with the ISA Regulations.

If we have reason to believe that your Lifetime ISA is invalid, we will notify you and we may take any reasonable steps which are required or permitted by the ISA Regulations in respect of that invalidity. If your Lifetime ISA becomes invalid, it may no longer be (or may not have been) exempt from UK income and capital gains tax and you may not be (or may not have been) entitled to a Government bonus.

In some circumstances an invalid Lifetime ISA will be eligible for repair under the ISA Regulations. If this is the case, then we will take reasonable steps to repair the Lifetime ISA.

If any investments in your Lifetime ISA are evidenced by share certificates or other documents evidencing title, these will be held by us or as we may direct.

We do not accept additional permitted subscriptions on your death.

If your Lifetime ISA qualifies for a Government bonus under the Regulations, we will claim that bonus from HMRC. We will apply any bonus that we receive to your Lifetime ISA in accordance with the ISA Regulations.

If HMRC rejects a claim that we make for a Government bonus to be paid in respect of your Lifetime ISA, we will tell you within 14 days and you have the right to appeal to HMRC against that decision within 90 days.

Bonus rates are set by the Government and are subject to change. 

If HMRC pays any Government bonus amounts in respect of your Lifetime ISA in error, then you will be responsible for repaying those amounts to HMRC. We can:-    deduct these amounts from your Lifetime ISA in order to pay them to HMRC; and/or-    reduce the amount of any subsequent claim for a Government bonus that we make in respect of your Lifetime ISA to take account of that error.

Where permitted by the ISA Regulations, you can ask us to transfer all of the value in your Lifetime ISA to another ISA manager. We will usually only make such a transfer in cash, by selling your investments and then making the transfer. If we agree to make a transfer in investments, we may charge a fee for this as set out in the fees. We do not allow partial transfers from a Lifetime ISA.

We will process any transfer from your Lifetime ISA within 30 days of receiving your request (which will be given to us by your new ISA manager). You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request.

If we have claimed but not yet received a Government bonus in respect of your Lifetime ISA at the time that we make the transfer, we will pay that amount to the new ISA Manager once we have received it.

You may at any time ask us to make:-    a partial withdrawal from your Lifetime ISA in cash which will be used to pay some or all of the deposit on your first home purchase and meets certain criteria other required by the ISA Regulations.-    a partial withdrawal from your Lifetime ISA in cash and/or investments where you are terminally ill. We will process this withdrawal from your Lifetime ISA within 30 days of receiving your request and such evidence of your terminal illness as we may reasonably request to comply with the ISA Regulations. You can ask us to make the transfer at a particular time in which case we will endeavour to meet this request; or-    a withdrawal of everything in your Lifetime ISA in cash and/or investments. We will process this withdrawal from your Lifetime ISA within 30 days of receiving your request. You can ask us to make the withdrawal at a particular time in which case we will endeavour to meet this request. We will close your Lifetime ISA once we have processed the withdrawal.In the event that you want to withdraw a Government Bonus which is due but has not yet been paid in relation to your Lifetime ISA, we will need to receive this amount and calculate any penalty due before we can process your request to withdraw it. This may cause a delay in our ability to process a withdrawal within the timeframes described above.

We will deduct any penalty applicable to a withdrawal from your Lifetime ISA in accordance with the ISA Regulations.

In summary, a penalty is applicable to a withdrawal from your Lifetime ISA unless:-    it is made in order to enable your right to cancel your Lifetime ISA as described at section 2;-    it is made on or after your 60th birthday;-    it will be used to pay some or all of the deposit on your first home purchase and meets certain criteria other required by the ISA Regulations. Please refer to our support article that contains important information on these criteria;-    you die and we have received such evidence of your death as we may reasonably request; or-    you are diagnosed as suffering from a terminal illness and we have received such evidence of this as we may reasonably request in to comply with the ISA Regulations.