Individual Savings Accounts

HM Treasury written question – answered on 25th April 2016.

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Photo of Julian Knight Julian Knight Conservative, Solihull

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the proportion of people taking out a lifetime ISA who will take that ISA in the form of (a) a cash only lifetime ISA and (b) an equity investment lifetime ISA in each of the first three years that those ISAs are available.

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 Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document:

ISA statistics are published on the GOV.UK website. Table 9.7 sets out the number of individuals subscribing to ISAs:

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