Lifetime ISA announced
Under a new Lifetime ISA announced in the Budget millions of adults under 40 will receive a 25% bonus from the government. From April 2017 they will be able to put in up to £4,000 a year, with the annual bonus of up to £1,000 paid until the age of 50. The Chancellor said that savers would be able to withdraw money from a Lifetime ISA at any time, and would not pay any tax on it. He also revealed that from April 2017 all savers will be able to put up to £20,000 a year into ISAs, up from £15,240 at the moment.
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