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FEDERATION


Lifetime ISA


Save up to £4,000 each year, and receive a government bonus of 25% – that’s a bonus of up to £1,000 a year. You can use some or all of the money to buy your first home, or save it until you’re 60 – it’s up to you.


open a Lifetime ISA account between the ages of 18 and 40, and any savings you put into it before your 50th birthday will receive an added 25% bonus from the government


accounts will be available from April 2017


there is no maximum monthly contribution – you can save as little or as much as you want each month, up to £4,000 a year


25%


government bonus


use it to save for a first home


your savings can be put towards a first home worth up to £450,000 across the country


limits apply per person rather than per household – so two first time buyers can both use their savings (including the bonus) when buying together


if you have a Help to Buy: ISA you can transfer those savings into the Lifetime ISA in 2017-18, or continue saving into both – but you will only be able to use the bonus from one to buy a house


use it to save for retirement


after your 60th birthday you can take out all the savings (including the bonus) tax-free


you can withdraw the money at any other time, but you will pay a 25% charge - this recovers the government bonus and applies a small charge


24 Winter 2016 www.raf-ff.org.uk first home retirement


Lifetime ISA


save up to £4,000 a year


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