Individual Savings Accounts

HM Treasury written question – answered on 29th March 2016.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, whether he used any international systems to inform the formulation of his proposals to introduce a lifetime ISA.

Photo of David Gauke David Gauke The Financial Secretary to the Treasury

The Government is always mindful of international comparisons when developing tax policy. In the case of the Lifetime ISA, the Government will explore with the industry whether there should be the flexibility to borrow funds from the Lifetime ISA without incurring a charge if the borrowed funds are fully repaid; for example, some US retirement plans allow 50% to be borrowed up to a maximum of $50,000.

Further details about how the Lifetime ISA will work will be announced when the government brings forward legislation to enact the Lifetime ISA in the autumn.

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