How does the Lifetime ISA work?
Since April 2017 savers aged between 18 and 40 have been able to open a new type of ISA, the Lifetime ISA, which offers a generous cash incentive that can be put towards a deposit for the purchase of their first property or used to save for retirement.
The government will add a 25% bonus to funds of up to £4,000 saved per year, until the age of 50.
This bonus will be added to the Lifetime ISA at the end of each tax year, so that savers will also benefit from tax free interest or growth on the bonus from the time it is added.
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