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Lifetime ISA

Ten Facts You Might Not Know About Stamp Duty

The Lifetime ISA will be introduced in April 2017. Any adult under the age of 40 will be eligible to open a new lifetime ISA and save up to £4,000 each year.

Any savings you put into it before the age of 50 will receive an added 25% bonus from the government.  The money can either:

·       be withdrawn and used towards a deposit on a first home; or

 

·       be saved until you are over 60 and used as retirement income.  Beware though – if you take the money out before you are 60, you will lose the government bonus, and have to pay a 5% charge!

 

Please see here for further information.

 

ISA Limit is being increased..

From April 2017, the ISA savings limit will be increased from £15,240 to £20,000 per year, meaning savers will be able to invest an extra £4,560 during the 2017-18 tax year.