US EditionMinisters must do more on Lifetime Isa reform, say MPs
MPs criticize the UK Government for not addressing the Lifetime Isa scheme's limited impact and call for reforms to improve its targeting and treatment under universal credit.
- MPs have criticized the government for insufficient reforms to the Lifetime ISA, warning it remains a confused product needing further change.
- This criticism follows a Treasury Committee report highlighting issues such as dual-purpose design risks and potential disadvantage to universal credit claimants.
- The Lifetime ISA allows people under 40 to save up to £4,000 yearly with a 25% government bonus, primarily for first-home purchase or retirement savings.
- HMRC research revealed that 87% of first-time buyers using a LISA could have bought homes without it, while the scheme is forecast to cost £3 billion over five years.
- The government pledges to improve product messaging and work with industry but has not yet committed to concrete reform plans despite ongoing calls from MPs.
14 Articles
14 Articles
Lifetime ISA a ‘confused’ product that must be reformed at Budget, MPs tell Reeves
The Government has not gone far enough on improving the Lifetime ISA and has a chance to “think again” at November’s Budget, the head of an influential group of MPs has said.The Treasury Committee, a cross-party panel of parliamentarians, has repeatedly called for reforms to the Lifetime ISA (LISA), which is a savings product for people aiming to save for retirement or to buy their first home.But its chair, Dame Meg Hellier, has said that the pr…
Evening Standard
perspectivemedia.comGovernment has not heeded warnings over Lifetime Isa, says Treasury Committee
The Government has an opportunity at the Budget to ‘think again on the Lisa,’ according to Treasury Committee chairwoman Dame Meg Hillier.
Autumn Budget: Rachel Reeves told to scrap Lifetime ISA
Chancellor Rachel Reeves has been warned that the Lifetime ISA (LISA) is “not fit for purpose and must be reformed” in the Autumn Budget. Tom Goddard, a senior associate at audit, tax and business advisory firm Blick Rothenberg, has argued that the LISA “must be reformed to not conflict with shared ownership schemes”. The LISA was launched by then-Chancellor George Osborne in his 2016 Budget with the aim to help people save for their first home …
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