Treasury confirms scrapping of Lifetime ISA but industry questions remain

cityam

Jun 24

The LISA has been a polarising product in the industry The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry ...

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ISA but industry questions remain","media":"cityam","content":"<div>\n<p>The LISA has been a polarising product in the industry The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry ...</p>\n\n<a href=\"https://www.cityam.com/more-complicated-more-restrictive-treasury-confirms-scrapping-of-lifetime-isa/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Treasury confirms scrapping of Lifetime ISA but industry questions remain</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTreasury confirms scrapping of Lifetime ISA but industry questions remain\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-24 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cityam.com/more-complicated-more-restrictive-treasury-confirms-scrapping-of-lifetime-isa/><strong>cityam</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The LISA has been a polarising product in the industry The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry ...</p>\n\n<a href=\"https://www.cityam.com/more-complicated-more-restrictive-treasury-confirms-scrapping-of-lifetime-isa/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LCUT","symbol_name":"生活时光品牌家具","start_time":0,"source_url":"https://www.cityam.com/more-complicated-more-restrictive-treasury-confirms-scrapping-of-lifetime-isa/","article_id":"2645589242","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2021/11/The-Steady-Increase-In-House-Prices-Slows-Down-In-December-95444488-scaled-1-e1680259813926.jpg?w=286&h=161&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/more-complicated-more-restrictive-treasury-confirms-scrapping-of-lifetime-isa/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2645589242","pubTimestamp":1782293440,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"The LISA has been a polarising product in the industry The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry figures are questioning the new framework.In a consultation published on Tuesday, the government confirmed the new product, dubbed the ‘First Time Buyer ISA’,  will only be available to those over 18 who are looking to buy their first home.The government conceded that the Lifetime ISA  was “not working well for many” leading to the shakeup.The product will be available as a cash or stocks and shares ISA, with it also wiping out the withdrawal penalty, which has long caused major uproar among industry figures.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LCUT":"生活时光品牌家具","BK4180":"家用器具与特殊消费品"},"translate_title":"财政部确认废除终身ISA，但行业问题依然存在","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LCUT":1.5},"content_text":"The LISA has been a polarising product in the industry The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers, but industry figures are questioning the new framework.In a consultation published on Tuesday, the government confirmed the new product, dubbed the ‘First Time Buyer ISA’, (FTB ISA)  will only be available to those over 18 who are looking to buy their first home.The government conceded that the Lifetime ISA (LISA)  was “not working well for many” leading to the shakeup.The product will be available as a cash or stocks and shares ISA, with it also wiping out the withdrawal penalty, which has long caused major uproar among industry figures.\n\nUnder LISA rules, if funds are removed for an unauthorised purchase or for properties over the cap a holder is subjected to a 25 per cent penalty on the withdrawal.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe 25 per cent bonus will instead be paid at the point of purchase, rather than when money is added to the account, and will only be paid on the amount contributed to the account, meaning it is excluded on both interest and investment gains.Acting on discontentThe Treasury’s decision to end the use of the LISA comes after admitting that the withdrawal charge was “putting off some savers”, preventing many from getting the “support they are entitled to”.The Treasury said: “We recognise the Lifetime ISA is not working for everyone.”\n\nThe FTB ISA will also have no upper age limit and can only be used when the home is bought with a mortgage, which has been welcomed by the industry as reflecting a “more modern housing market”.Brits will not be able to transfer money between a LISA and the new product, with the FTB ISA also counting towards the overall ISA allowance, as well as the new £12,000 cash ISA ceiling for under 65s from April 2027.People can use both an existing LISA and a FTB ISA to purchase their first property.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}