Finance expert Martin Lewis has urged Chancellor Jeremy Hunt to make fixing “dead duck” Lifetime ISAs a priority in this month’s Autumn Statement.
Mr Lewis, the founder and chair of MoneySavingExpert.com, says the Lifetime ISA system should be overhauled to more effectively help first-time buyers in the wake of rising property prices. Lifetime ISAs were first launched in 2017 to help people aged 18 to 39 buy their first home or, much less popularly, to save for retirement. Savers get a 25 per cent government boost when they use the funds to buy a qualifying first home.
So I have formally contacted the Chancellor to urge him to make the system fairer. 'Many who have opened Lifetime ISAs with government encouragement now have not only a dead duck product – where they won’t get the promised 25 per cent boost – but one with a poisoned beak, because they’re fined to get their money out. 'The simple solution, which could be put into immediate effect, is for a LISA holder purchasing a first-time property for more than the maximum house price, not to be fined.
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