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the government bonus, can be used to buy a first home at any time from 12 months after the account opening, and be withdrawn from age 60.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 News
- Chancellor targets business growth in Spring Budget - March 20, 2023
- Budget summary 15 March 2023 - March 16, 2023
- Leaving your business? Why you should plan an exit strategy - March 10, 2023
- Thinking of ditching the 9-5 and going self-employed? - March 8, 2023
- Why close a limited company - March 7, 2023
- A reminder – points add up to penalties from 1 January 2023 - March 2, 2023
- Tax Diary March/April 2023 - March 1, 2023
- Gaps in your National Insurance record - March 1, 2023