Julian Knight – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Julian Knight on 2016-03-22.

To ask Mr Chancellor of the Exchequer, whether he used any international systems to inform the formulation of his proposals to introduce a lifetime ISA.

Mr David Gauke

The Government is always mindful of international comparisons when developing tax policy. In the case of the Lifetime ISA, the Government will explore with the industry whether there should be the flexibility to borrow funds from the Lifetime ISA without incurring a charge if the borrowed funds are fully repaid; for example, some US retirement plans allow 50% to be borrowed up to a maximum of $50,000.

Further details about how the Lifetime ISA will work will be announced when the government brings forward legislation to enact the Lifetime ISA in the autumn.