Lifetime ISA - if you're young get your skates on!

#1
Guys,
I'm an old fart now and cant take advantage of the new (ish) lifetime ISA (LISA) to save for a property or for retirement - the big thing you need to know is that you can save up to 4000 a year in it and the govt will give you a 25% bonus of what you've paid in per year BEFORE the interest is added so if you can bang away the max 4000 then you'll get an extra 1000 from the govt plus the ISA's interest without paying tax on it - it is a total no-brainer and i'm gutted it wasn't available in my time. Anyone richer can still have a separate isa for the remainder of their 20k per annum tax free allowance (16K)

please read this from moneysaving expert Lifetime ISAs: free £33,000 towards your first home or retirement
 
#2
Guys,
I'm an old fart now and cant take advantage of the new (ish) lifetime ISA (LISA) to save for a property or for retirement - the big thing you need to know is that you can save up to 4000 a year in it and the govt will give you a 25% bonus of what you've paid in per year BEFORE the interest is added so if you can bang away the max 4000 then you'll get an extra 1000 from the govt plus the ISA's interest without paying tax on it - it is a total no-brainer and i'm gutted it wasn't available in my time. Anyone richer can still have a separate isa for the remainder of their 20k per annum tax free allowance (16K)

please read this from moneysaving expert Lifetime ISAs: free £33,000 towards your first home or retirement
As a side note - the moneysavingexpert website (although it looks awful), is an excellent resource.
 

Sixty

ADC
Moderator
Book Reviewer
#4
Basically free money and a huge help if you haven't owned a property before. I'd be wary of using it as a retirement option though; a personal pension remains far and away the most tax efficient choice in that regard.

There are also a very limited number of providers at present.
 
#5
More free money for people with money, or more likely a giveaway to the kids of the very rich.

Are any cash ISA's or is it just a nice little earner for unit trust managers too?

Wonder if there's time to challenge it as age discrimination while we're still signed up to the European courts?
 

Similar threads


Latest Threads

Top