HMRC has updated its technical note, first published at Budget 2016, to take account of discussions leading to legislation in the Savings (Government Contributions) Bill, introduced to Parliament on 6 September. From April 2017, adults under the age of 40 will be able contribute up to £4,000 in each tax year to a lifetime ISA, to which the government will add a 25% bonus. These funds can be used to buy a first home worth up to £450,000 at any time from 12 months after opening the account. Transfers can be made between other ISAs, including help-to-buy, and it will be possible to transfer shares from certain tax-advantaged employee share schemes, as with stocks and shares ISAs.
HMRC has updated its technical note, first published at Budget 2016, to take account of discussions leading to legislation in the Savings (Government Contributions) Bill, introduced to Parliament on 6 September. From April 2017, adults under the age of 40 will be able contribute up to £4,000 in each tax year to a lifetime ISA, to which the government will add a 25% bonus. These funds can be used to buy a first home worth up to £450,000 at any time from 12 months after opening the account. Transfers can be made between other ISAs, including help-to-buy, and it will be possible to transfer shares from certain tax-advantaged employee share schemes, as with stocks and shares ISAs.
