Lifetime ISA
Available from April 2017 to people aged between 18 and 40. You can use the ISA as a first time buyer to save for your first home or you can use it to save for your retirement.
The ISA allows you to save a maximum of £4,000 per year and receive a 25% government bonus on top of the amount saved. If you are able to save the maximum amount, this could mean receiving a government bonus of up to £1,000 per year. Savings can be made, and government bonus received between the ages of 18 and 50.
First home
- accounts available one per person
- buy a home worth up to £450,000
Retirement
- savings and government bonus can be withdrawn tax free from the age of 60
- withdrawals can be made partially or in full