The Treasury Committee has launched an inquiry into the suitability of the Lifetime ISA (LISA) as a financial product, nine years after its introduction.
The committee is seeking input from the finance industry, consumers, and experts to evaluate whether the LISA is still fit for purpose. The LISA was introduced by then-chancellor George Osborne in the 2016 Budget. It was designed to serve a dual purpose: helping under-40s save for their first home while also providing a tax-free savings option for retirement. Funds can only be withdrawn penalty-free for specific purposes, including purchasing a first home, reaching the age of 60, or being diagnosed with a terminal illness with less than 12 months to live. Withdrawals for other reasons...
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