What is a Lifetime ISA?
The Lifetime ISA is a flexible way for adults under the age of 40 to save for their retirement or the purchase of their first home tax-efficiently. Unlike the ISA, a Lifetime ISA rewards your commitment to saving, providing you with a 25% government bonus*. It also allows you to:
- Contribute up to £4,000 each year
- Receive a government bonus of up to £1,000 for every year you invest before your 50th birthday*
- Withdraw your money tax-free for the purpose of retirement from the age of 60 or earlier for the purchase of a first home (which must cost under £450,000)
- Invest for the long-term
*Legislation is subject to change so this benefit may not always be available