HMRC has specified the technical and software standards that providers must meet when submitting digital reports on Lifetime ISA payments, transfers and withdrawals. The guidance clarifies the reporting obligations and systems requirements for financial institutions handling these accounts. Providers will need to ensure their software complies with HMRC’s specifications to maintain regulatory compliance. This digital reporting requirement applies to all organisations managing Lifetime ISA accounts.
Source: HMRC (GOV.UK) – Read the original