Best Financial Advisors in Bexhill

Lifetime ISAs (LISA) are used to buy your first home, OR save for later life. The government adds 25% to your LISA, up to £1K a year. If you save the annual limit of £4K, you will then have a total of £5Kin your savings! If you already have a LISA, and are over 40, you can still pay in and receive that lovely government bonus until you are 50. You can put in up to £4K each year, until you're 50. You must make your first payment into your ISA before you're 40. You can hold cash/stocks/shares in your LISA or have a combination. When 50, you will no longer be able to pay into your ISA or earn the bonus. Your account will stay open and your savings will still earn interest. When 60 you can access your LISA and any withdrawals are free of tax. To open a LISA you must be a UK resident unless you're a crown servant, their spouse or civil partner. Tax treatment varies according to individual circumstances and is subject to change. You will incur a lifetime ISA government withdrawal charge (25%) if you transfer the funds to a different ISA or withdraw the funds before age 60 and you may therefore get back less than you paid into a lifetime ISA By saving in a lifetime ISA instead of enrolling in, or contributing to an auto-enrolment pension scheme, occupational pension scheme, or personal pension scheme: (i) you may lose the benefit of contributions from your employer (if any) to that scheme; & (ii) your current and future entitlement to means tested benefits (if any) may be affected.