Individual Savings Accounts

HM Treasury written question – answered on 26th April 2016.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, what investments his Department plans to be (a) permitted and (b) excluded under a lifetime ISA.

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 and regulation of the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.

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