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New Tax Year, New ISA

The start of the new tax year on April 6th brought with it a change in ISA limits alongside a new addition to the ISA family, the Lifetime ISA (Lisa). The Lifetime ISA has been designed to help people to save either for their first home or for retirement.

Lifetime ISAs are only available in the first instance for those aged between 18 and 39 although once you have opened one it is possible to continue saving in a Lisa until the age of 50. Investments can be made in cash or stocks & shares and a 25% government bonus is available. However the rules on withdrawals are strict and exit penalties have led many financial institutions to urge caution on taking up a Lisa account or even to decide not to add a Lisa offering to their savings portfolio.

As with any type of investment the best advice is to look carefully at what is on offer and make a decision based on individual circumstances and expectations. With the limit on standard ISAs being raised to £20,000 this tax year as well as Help to Buy ISAs, pensions and other investment vehicles being available there is a range of choices for investors who want to design an investment mix which is right for them.

If you’re looking for pensions or investment advice, or if your situation has changed and you may therefore need to review your existing investments, contact Beckworth by using one of the links on our website.