Individual Savings Accounts — Written Question

Question

James McMurdock

Independent — South Basildon and East Thurrock

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the 25% withdrawal penalty on Lifetime ISAs on the level of first-time buyers purchasing a property valued marginally above the £450,000 cap.

Answer

Lucy Rigby

The Lifetime ISA (LISA) is designed to help people buy their first home or save for later life. You can withdraw funds (plus a government bonus) to buy a first home under £450k, from age 60, or if terminally ill.Data from the latest UK House Price Index s...

ⓘ

This is an extract from the Parliament API. Search the full answer on Parliament.uk (UIN 76794) →