Government drops LISA exit charge for scheme's first year

The LISA will allow those aged between 18 and 40 to open an account and save up to £4,000 a year until age 50 and access the savings either to buy a first house or help fund their retirement. Contributions into the savings scheme will receive a government bonus of 25%, however savers will lose their government bonues and incur a 5% exit charge if they access their LISA savings outside of the qualifying life events. The Treasury has predicted 800,000 savers will contribute to LISAs by 2020/21. Tax Incentivised Savings Association (TISA) director general David Dalton-Brown (pictured) wel...