Lifetime ISA Flashcards
1
Q
Lifetime ISA annual limit
A
£4,000
2
Q
Lifetime ISA age
A
18-39
Must be opened before age 40
3
Q
When must lifetime ISA contributions stop?
A
No further contributions are allowed after 50th birthday
4
Q
What is the purpose of a lifetime ISA?
A
To help first time buyers get on property ladder
Or
Provide a retirement fund from age 60
5
Q
How much bonus will government pay each year?
A
25% of contribution up to a max of £1,000
6
Q
When can money be withdrawn from LISA without penalty?
A
Fund are used to purchase first home
Applicant is 60 or over
Applicant is terminally ill with less than 12 months to live
