Digital reporting for Lifetime ISAs

Lifetime ISA (LISA) managers must report details for all LISAs you managed during the return period, including those that have been transferred in, and those that have been closed. You can exclude details of those transferred out in full, made void, or closed within the period described.

You should continue to report cash Individual Savings Account (ISAs), stocks and shares ISAs and innovative finance ISAs to HMRC using the ISA electronic flat text specification or the HMRC spreadsheet even where they’re held for the same investor. You must continue to report details of each ISA separately.

A LISA return that does not conform with HMRC’s digital requirements will be rejected. In which case, a LISA manager may be regarded as either having failed to make a return or as having made an incorrect return.

These ISA forms will include information on LISAs:

annual return (ISA14) — the statements of income for both stocks and shares ISA and cash ISA must include LISAs

annual return of statistical information (market value) ISA14(Stats) and ISA14a(Stats) — the valuations of both stocks and shares ISA and cash ISA must include LISAs

annual return of statistical information (subscriptions) ISA25(Stats) and ISA14a(Stats) — the number of LISAs to which subscriptions have been made in the year and the total amounts subscribed in the year to LISAs must be reported

Every interaction with the LISA service occurs in real time and gives either a successful or unsuccessful response.

These interactions allow ISA managers to report to HMRC, from the opening of a LISA to its closure and every other reportable activity in between.

The management of LISA activities requires frequent and stringent digital reporting to HMRC. These requirements must be met to enable you to manage your LISA accounts correctly.

Linking your account management software to HMRC