Lack of details may delay LISA launch

An incoming savings vehicle engineered for people who work for themselves may be stalled because of the government’s failure to give providers enough details in time, it has emerged.

The Lifetime ISA, promised by George Osborne in his Budget as a fillip for one-man bands, is meant to be introduced on April 6th 2017 for the under 40s, or those nearer retirement age if IPSE gets its way.

It will let people aged over 18 pay in up to £4,000 a year and get a taxpayer-funded bonus of up to £1,000. It will also offer full, tax-free withdrawal after the user’s 60th birthday.

But LISA providers have reportedly warned that key details pertaining to the accounts have not been disclosed by the government, putting the launch date in question.

Details of contribution limits are yet to be provided, reported the Financial Times, which also understands that details about how the taxpayer bonus will be paid are yet to be disclosed too.

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Written by Simon Moore

Simon Moore is one of the UK’s most consistently published freelance journalists on freelancing, self-employment and contractor issues, such as IR35, the Loan Charge and late payment. Trained in News & Features writing by NCTJ-approved journalism tutors, Simon worked in the newsrooms of local, consumer and national press titles, before setting up his own editorial services company, Moore News Ltd.
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