Lifetime ISA

The Lifetime Individual Savings Account (LISA) is worth considering if you are over 18 and under 40 or if you are making financial gifts to children or grandchildren to reduce your estate.

The LISA was introduced in 2017 as a tax efficient savings scheme and allows you to invest up to £4000 every year to which the government will add 25% (£1000)

The purpose of the LISA is for first time buyers to use towards a deposit for a residential property costing £450,000 or less or to provide a tax-free fund at age 60+.

The investment can be cash or stocks and shares.

Note: There are penalties for withdrawals which do not meet the intended purpose of the investment and of course the tax rules may change.


For more information:

Good Accountancy

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for advice or to discuss how we can help.