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Lifetime ISA: updated technical note

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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.

Issue: 1324
Categories: News , HMRC powers