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Tax Free Savings Products

Lifetime Investment Savings Accounts (LISAs)

The lifetime ISA (LISA) is a tax-free saving or investment account designed to help those aged 18-39 to buy their first home or save for their retirement.

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This is an attractive scheme where an individual who intends to buy their first property, could benefit from this wrapper. HM Revenue and Customs give an investor a 25% bonus on the total amount you contribute into your Lifetime ISA. That means if you pay in the maximum amount of £4,000* in a year, you will receive a bonus of £1,000 in the current tax year.

Suitability

  • A LISA is suitable for anyone between the age of 18 - 39 

  • A UK tax resident

  • A LISA is suitable for both employed and self-employed individuals

  • A LISA is also suitable for non-income earners; Eg: Gifts from Parents.  

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Benefits

  • A 25% bonus on the contribution made

  • This wrapper can be used to fund an initial deposit towards the purchase of your first residential property 

  • There are potential investment returns in addition to the 25% bonus

  • Tax-free returns 

  • Can be used to supplement retirement income if a  property is not purchased

  • Funds are easily accessible ** 

  • No limit on withdrawal size 

  • Professional fund management

  • No requirement to report returns from LISAs to HMRC

*2020/21 tax year

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** The minimum holding period is 12 months, subject to a 25% penalty if withdrawn for purchase other than property or redeemed before the age of 60.

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