Rosie Cooper – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Rosie Cooper on 2016-07-21.

To ask Mr Chancellor of the Exchequer, what (a) consultation, (b) decision-making process and (c) timetable he plans for deciding the final rules for the Government’s Lifetime Individual Savings Accounts (ISA) scheme; and whether he plans to conduct a consultation on what life events in addition to the purchase of a first home will be eligible for penalty-free withdrawal of such investments before the age of 60.

Jane Ellison

Following the Budget, the Government has engaged with industry on the detailed design of the Lifetime ISA, including on penalty-free withdrawals.

The Queen’s Speech for the 2016-17 session announced the Government’s intention to legislate for the Lifetime ISA. The legislation which will enact this measure will be introduced to Parliament in due course.

The Government will continue to talk to industry and interested parties about the Lifetime ISA while the Bill is being considered by the House, leading up to its planned launch.