I am introducing a completely new flexible way for the next generation to save.
It's called the Lifetime ISA.
George Osborne, Chancellor
In the Budget on 16 March 2016, George Osborne announced a new Lifetime ISA aimed at anyone aged 18 to 40 who wants to save for retirement or their first home.
From April 2017, for every £4 you save into a Lifetime ISA the government will add £1.
The ISA allowance will also rise to £20,000 from April 2017 (including the Lifetime ISA allowance).
You can use the Lifetime ISA (including the government bonus) to buy a first home in the UK costing up to £450,000 at any age, or for any other purpose from age 60.
The factsheet is based on our understanding of the Budget announcement. It is a broad summary and cannot cover every situation. It is not personal advice. The value of investments can fall as well as rise so you may get back less than you invest.
Please remember, tax rules can change and benefits depend on individual circumstances.
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