Property News · November 14, 2016

'Mis-buying' warning over lifetime Isa


Former pensions minister Steve Webb questions suitability of the new government-backed Isa which comes with high exit penaltiesA new type of savings account aimed at under-40s and available from next spring could result in a “mis-buying” scandal, a former government minister has claimed.The lifetime Isa (pdf), unveiled by George Osborne in the March budget, is a savings account that will allow people to save either towards their first home or their retirement. Those who sign up can save up to £4,000 a year and receive a government bonus of 25% – which means those who put in the maximum each year will receive a £1,000 bonus every 12 months from the government. Continue reading…

Source : theguardian.com
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