HMRC has published guidance for Lifetime ISA managers on processing withdrawals when account holders are making their first residential property purchase. The guidance clarifies the procedural requirements and eligibility criteria that managers must verify before authorising withdrawals under the first-time buyer provisions. This information is intended to help ISA providers ensure compliance with the Lifetime ISA scheme rules when customers access their savings for property purchase. The guidance applies to managers administering Lifetime ISA accounts and their customers purchasing residential property for the first time.
Source: HMRC (GOV.UK) – Read the original