A new tax-free savings newsletter has been published by HMRC.

The latest edition of the newsletter includes details of the following topics:

• Help to Save consultation. A new consultation on Help to Save reform has been published. The consultation will look at reforms to ensure the scheme has longevity as a key savings product for working people on low incomes, to encourage take-up in the target population and to provide the best value for taxpayers.
• Audits of ISA managers. During the 2022 to 2023 tax year, HMRC conducted 122 inspections of ISA managers. These inspections identified some common themes and issues including in relation to ISA returns, applications and terms and conditions.
• ISA returns. A summary of issues relating to: Annual return of account information (COM100 return), Annual return of statistical information, Interim and annual tax claims and Applications.
• Lifetime ISA digital service. HMRC has clarified a number of points regarding Lifetime Individual Savings Accounts (LISA) including setting up a LISA account, first payment date and LISA withdrawal charges.

Source: New feed