Individual Savings Accounts

HM Treasury written question – answered on 20th April 2016.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the readiness of the financial services industry to provide lifetime ISAs.

Photo of Harriett Baldwin Harriett Baldwin The Economic Secretary to the Treasury

The new Lifetime ISA will provide savers with the flexibility to save towards a first home and retirement at the same time.

From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government.

The Government is engaging with the industry on the detail of implementation of the Lifetime ISA to ensure that it is delivered for April 2017.

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