The Lifetime ISA (LISA) presents a "once in a generation" opportunity for financial planning, offering "enormous possibilities" for advisers to add more value to their clients, Standard Life's head of financial planning proposition has said.
Alastair Black said the new product, which will sit snugly between pensions and ISAs, will complement both, while offering an added tax planning avenue for advisers. The LISA was introduced by the Chancellor in his March Budget as a new savings product for the next generation. It is set to become live next April. The product will allow people between the ages of 18 and 40 to open an account and save up to £4,000 a year until they are 50, at which point they will receive a government bonus of 25% - up to £1,000 a year. The savings and bonus can be used towards a deposit on a first h...
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