Lifetime ISAs for ISA managers

Imported from official source

April 05, 2018 10:03

A Lifetime ISA is an individual savings account that can be used to save towards the purchase of a first home or to save for later life. Lifetime ISAs differ from other ISAs in that:

individuals are eligible for a government bonus worth 25% of what they save

there is a 25% withdrawal charge if individuals take money out of their Lifetime ISA and do not use it for its intended purpose

there is a 20% withdrawal charge if individuals take money out of their Lifetime ISA for a first time residential property purchase and the property value is above £450,000

there is an annual Lifetime ISA payment limit in each tax year of £4,000

individuals must be aged 18 to 39 to open a Lifetime ISA

there are additional information requirements when transferring Lifetime ISAs between Lifetime ISA managers

You’ll need to be an approved Lifetime ISA manager to create accounts for your investors and send information to HMRC using the Lifetime ISA Application Programme Interface (API).

This is an extract. The publication continues at the source.

Contains public sector information licensed under the Open Government Licence v3.0. Licence

Read the original at the source: https://www.gov.uk/guidance/lifetime-isas-for-isa-managers

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Organization: HM Revenue and Customs — imported from official source
Official source: https://www.gov.uk/government/organisations/hm-revenue-customs.atom ATOM
Imported: October 28, 2026 18:01
Versions: 1 recorded
Identity: https://www.gov.uk/guidance/lifetime-isas-for-isa-managers#2026-10-28T17:58:06Z