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Lifetime ISA regulations

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The Individual Savings Account (Amendment No 2) Regulations, SI 2017/466, set out the detailed rules for operation of the new lifetime ISA, which become available from 6 April 2017. The regulations specify the current year lifetime ISA payment limit of £4,000, which must be within the overall subscription limit for an ISA in that year. Transfers can be made from help-to-buy ISAs during 2017/18 without the amount counting towards the overall limit. The regulations set out eligibility conditions for opening and paying into the new account, including age limits and how account providers claim the 25% government bonus. Sums may be withdrawn from an account without a charge being made in certain circumstances, which include a first-time residential purchase, where the account holder has reached age 60, or is expected to live for less than one year.

Issue: 1348
Categories: News