Lifetime Individual Savings Account

In a further bid to encourage savings for a first property purchase, or retirement, a new ISA is being launched from April 2017 – the Lifetime ISA.

It will be available from April 2017 for adults under the age of 40. They will be able to contribute up to £4,000 per year, and receive a 25% bonus from the government.

Funds from the Lifetime ISA, including the government bonus, can be used to buy a first home at any time from 12 months after the account opening, and be withdrawn from age 60. There will be penalties for early withdrawals.

The government also announced that the overall annual ISA subscription limit will be increased to £20,000 from 6 April 2017.

Latest Blog
20
May

UK Interest Rates Trending Down – What It Means for You

After a period of rising interest rates, there’s a noticeable shift in the UK f...

Read More
15
May

Will you be affected by Making Tax Digital?

Making Tax Digital for Income Tax: One Year to Go The UK tax landscape is on the cusp...

Read More
14
May

What are CDC pensions?

The UK government is introducing a significant shift in pension schemes with the expa...

Read More
08
May

Regulatory Changes Impacting UK Small Businesses

Alongside tax reforms, HMRC’s Spring 2025 update introduces a variety of regula...

Read More