Apply to become an approved Lifetime ISA manager
Apply to be an approved Lifetime Individual Savings Account (LISA) manager, or check the status of your application.
You’ll need to be an approved Lifetime ISA manager to create accounts for your investors and send information to HMRC using the Lifetime ISA application programming interface (API).
Before you start
To apply to become an approved Lifetime ISA manager you should be registered with HMRC as an ISA manager, and have an ISA manager reference.
Email savings.audit@hmrc.gov.uk if you are not an ISA manager but want to offer the Lifetime ISA.
You must build and test all of the endpoints for the Lifetime ISA API before you apply. Find out the technical requirements in the Developer Hub.
You’ll need your:
- Government Gateway user ID and password
- registered company name
- business structure (like limited company or friendly society)
- Unique Taxpayer Reference number
- Financial Conduct Authority reference number
- ISA manager reference
Apply
Online services may be slow during busy times. Check if there are any problems with this service.
After you’ve applied
HMRC will email you a readiness declaration form so you can confirm that your:
- bank and liaison officer details are up to date
- IT systems are ready to access the Lifetime ISA API
Print off the form, fill it in and post it to:
Charities
Savings and International 1
HM Revenue and Customs
BX9 1AU
HMRC will make a decision about your application when they have received your online application and readiness declaration. It may take up to 14 days for HMRC to make a decision.
HMRC will send you their decision by email. You can also sign in to the application service to check the status of your application.
When you’re approved as a Lifetime ISA manager you’ll be able access the Lifetime ISA API and create new accounts for your investors.
Ceasing to be a manager
A person will cease to be a LISA manager when:
- approval is withdrawn by HMRC
- they voluntarily stop managing LISAs
- they no longer qualify to be a manager
Withdrawal of approval by HMRC
HMRC can withdraw approval from a LISA manager, if they have reason to believe that they are:
- failing, or have failed to manage LISAs in accordance with the regulations
- not qualified to act as a LISA manager
- not opening LISA accounts within 18 months of approval being given
HMRC will issue a notice of withdrawal of approval detailing:
- the type of LISA the notice applies to
- the date from which the approval is withdrawn
- the disqualifying circumstances
The notice will explain how to make an appeal against the withdrawal. Managers must appeal within 30 calendar days of the date of issue of the notice.
On receiving a notice, the LISA Manager must notify the account investor:
- of their right to transfer their account to another manager
- of any intention to make a bulk transfer of accounts
- that the account will cease to be a LISA and exempt from tax unless it is transferred
The LISA manager must notify the account investor at least 30 calendar days before the date they will cease to be a LISA manager.
For their account to remain a LISA and exempt from tax, the account investor must instruct a transfer of their account before the LISA manager ceases to act as an account provider.
Voluntary cessation
A manager who intends to stop managing LISAs must notify HMRC and each investor at least 30 calendar days before the date they will cease to be a LISA manager. The notice to investors must inform them:
- of their right to transfer their account to another manager
- of any intention to make a bulk transfer of accounts
- the account will cease to be a LISA and exempt from tax unless it is transferred
For their account to remain a LISA and exempt from tax, the account investor must instruct a transfer of their account before the LISA manager ceases to act as an account provider.
Involuntary cessation
A LISA manager ceases to qualify when:
- they are no longer eligible
- as an individual, they become the subject of a bankruptcy restrictions order or an interim order
- as an individual in Scotland, their estate is sequestrated, or they make an arrangement or composition with their creditors
- as a company, a resolution has been passed or a petition has been presented to wind the company up
- as a European institution, the relevant authorised persons or assurance undertaking no longer has authority from the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) to access the UK market
- a building society, or person falling within section 991 Income Tax Act 2007 ceases
- the directors have made a proposal under Part 1 of the Insolvency Act 1986 for a composition in satisfaction of its debts or a scheme of arrangement of its affairs
- all LISAs have been transferred to another manager or all client money has been distributed following the appointment of Special Administrators by the Courts
A manager who has ceased to qualify must inform HMRC and each investor within 30 calendar days of the date they ceased to qualify. The notice to investors must inform them:
- of their right to transfer their account to another manager
- of any intention to make a bulk transfer of accounts
- the account will cease to be a LISA and exempt from tax unless it is transferred
For their account to remain a LISA and exempt from tax, the account investor must instruct a transfer of their account before the LISA manager ceases to act as an account provider.
Returns required on cessation as a manager
A manager who has ceased to manage LISAs must submit an annual return of statistical information for the period from the previous reporting date to the date of cessation.
The person appointed to terminate the scheme, including Special Administrators, should submit these returns to HMRC if either:
- the cessation is involuntary
- HMRC has withdrawn their approval from the LISA manager
Get help
You can contact the Software Developers Support Team if you have technical questions about the Lifetime ISA API.
Email savings.audit@hmrc.gov.uk if you have a question about your application, or the details of the Lifetime ISA.
Last updated 6 April 2024 + show all updates
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Information on ceasing to be a manager has been added.
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First published.