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520658

registered interest
date	23/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, with reference to the Answer of 11 May 2016 to Question 36241, what assumptions were made about the number of people (a) taking up a Lifetime ISA and (b) subscribing the maximum annual amount to an ordinary ISA in calculating the estimated Exchequer impacts set out in that Answer.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	37929
answer	answer is ministerial correction date of answer 26/05/2016 answer text <p>The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf</a></p><p> </p><p>ISA statistics are published on the GOV.UK website. Table 9.7 sets out the number of individuals subscribing to ISAs by income and amount subscribed: <a href="https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a>.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 26/05/2016 10:53:56 answering member 1529 label Biography information for Mr David Gauke
tabling member	4031 label Biography information for Rachel Reeves

518387

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, when Lifetime ISAs will be available to the public.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	36953
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The new Lifetime ISA will provide savers with the flexibility to save towards a first home and retirement at the same time.</p><p> </p><p>From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government.</p><p> </p><p>The Government is engaging with the industry on the detail of implementation, regulation and advice on the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 36954 question first answered 12/05/2016 07:26:10 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

518388

registered interest
date	10/05/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he plans to take to offer public financial advice on Lifetime ISAs.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	36954
answer	answer is ministerial correction date of answer 12/05/2016 answer text <p>The new Lifetime ISA will provide savers with the flexibility to save towards a first home and retirement at the same time.</p><p> </p><p>From April 2017, people aged 18 to 40 will be able to save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government.</p><p> </p><p>The Government is engaging with the industry on the detail of implementation, regulation and advice on the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke grouped question UIN 36953 question first answered 12/05/2016 07:26:10 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

515755

registered interest
date	26/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the total number of Individual Savings Account (ISA) subscriptions was in 2015-16; and what proportion of ISA subscribers contributed the maximum amount in 2015-16.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	35571
answer	answer is ministerial correction date of answer 29/04/2016 answer text <p>HM Revenue and Customs National Statistics published in April 2016 show how many individuals made full use of their (£11,520) ISA allowance in 2013-14. These statistics are available here: <a href="https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a></p><p> </p><p>Figures for 2015-16 are not yet available, but will be published in April 2018.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/04/2016 09:15:34 answering member 1529 label Biography information for Mr David Gauke
tabling member	4031 label Biography information for Rachel Reeves

515763

registered interest
date	26/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, if he will estimate the cost to the public purse excluding the cost of the introduction of the Lifetime Individual Savings Account of increasing the annual Individual Savings Account savings limit for all adults to £20,000 from April 2017, in (a) 2017-18, (b) 2018-19, (c) 2019-20 and (d) 2020-21.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	35586
answer	answer is ministerial correction date of answer 29/04/2016 answer text <p>The Government is creating a new Lifetime ISA, providing savers with the flexibility to save towards a first home and retirement at the same time. From April 2017, people aged 18 to 40 will be able to open and save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government, paid annually after the end of the tax year. The annual ISA savings limit for all adults will increase to £20,000 from April 2017. People can make full withdrawals from their Lifetime ISA accounts for a first home purchase (subject to a house price cap of £450,000 UK-wide) or from age 60. These withdrawals will be tax free. An estimate of the Exchequer impact from this policy was set out in Table 2.1 of the Budget 2016 document, available here: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508113/B2016Table_2.1.xlsx" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508113/B2016Table_2.1.xlsx</a></p><p> </p><p>The table below shows how this estimated Exchequer impact breaks down into that which is from Lifetime ISA and the increase in the ISA limit to £20,000:</p><table><tbody><tr><td><p>£ millions</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td><td><p>2018-19</p></td><td><p>2019-20</p></td><td><p>2020-21</p></td></tr><tr><td><p>Lifetime ISA and raise ISA limit to £20,000</p></td><td><p>Neg</p></td><td><p>-170</p></td><td><p>-330</p></td><td><p>-590</p></td><td><p>-850</p></td></tr><tr><td><p><em>Of which is Lifetime ISA</em></p></td><td><p><em>neg</em></p></td><td><p><em>-170</em></p></td><td><p><em>-330</em></p></td><td><p><em>-580</em></p></td><td><p><em>-830</em></p></td></tr><tr><td><p><em>Of which is ISA limit increase</em></p></td><td><p><em>0</em></p></td><td><p><em>0</em></p></td><td><p><em>neg</em></p></td><td><p><em>-10</em></p></td><td><p><em>-20</em></p></td></tr></tbody></table> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/04/2016 09:18:30 answering member 1529 label Biography information for Mr David Gauke
tabling member	4031 label Biography information for Rachel Reeves

512939

registered interest
date	14/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the number of people under 40 who will take up both a lifetime ISA and a standard ISA in each of the first three years that both those ISAs are available.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33954
answer	answer is ministerial correction date of answer 22/04/2016 answer text <p>The Government is creating a new Lifetime ISA, providing savers with the flexibility to save towards a first home and retirement at the same time. From April 2017, people aged 18 to 40 will be able to open and save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government, paid annually after the end of the tax year.</p><p> </p><p>People can make full withdrawals from their Lifetime ISA accounts for a first home purchase (subject to a house price cap of £450,000 UK-wide) or from age 60. These withdrawals will be tax free.</p><p> </p><p>The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf</a></p><p> </p><p>More than 350,000 first time buyers have opened a Help to Buy ISA since it became available.</p><p> </p><p>ISA statistics are published on the GOV.UK website. Table 9.7 sets out the number of individuals subscribing to ISAs: <a href="https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a></p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 22/04/2016 10:15:19 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

512945

registered interest
date	14/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people under 40 who will take up both a lifetime ISA and a help-to-buy ISA in each of the first three years that both those ISAs are available.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33965
answer	answer is ministerial correction date of answer 27/04/2016 answer text <p>The Government is creating a new Lifetime ISA, providing savers with the flexibility to save towards a first home and retirement at the same time. From April 2017, people aged 18 to 40 will be able to open and save up to £4,000 each year into a Lifetime ISA and receive a 25% bonus from the Government, paid annually after the end of the tax year.</p><p> </p><p>People can make full withdrawals from their Lifetime ISA accounts for a first home purchase (subject to a house price cap of £450,000 UK-wide) or from age 60. These withdrawals will be tax free.</p><p> </p><p>The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: <a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf</a></p><p> </p><p>More than 350,000 first time buyers have opened a Help to Buy ISA since it became available.</p><p> </p><p>ISA statistics are published on the GOV.UK website. Table 9.7 sets out the number of individuals subscribing to ISAs: <a href="https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a></p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 27/04/2016 12:31:26 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

484436

registered interest
date	22/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what his policy is on allowing for integration of the lifetime ISA and existing standard ISAs.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	32133
answer	answer is ministerial correction date of answer 12/04/2016 answer text <p>The Government has announced it will be introducing a new Lifetime ISA, providing savers with the flexibility to save towards a first home and retirement at the same time.</p><p> </p><p>Savers will be able to transfer savings from other ISAs as one way of funding their Lifetime ISA. These contributions will count towards the £4,000 Lifetime ISA limit and will receive a bonus. In line with existing rules, transfers from previous years’ ISA contributions will not count towards that year’s £20,000 overall ISA limit.</p><p> </p><p>During the 2017-18 tax year only, those with a Help to Buy: ISA will be able to transfer in the savings they have built up before 6 April 2017 to the Lifetime ISA, and still save an additional £4,000 into a Lifetime ISA in that year. This means the whole amount will benefit from the 25% government bonus. Individuals will not be able to use a government bonus from both a Help to Buy: ISA and a Lifetime ISA to buy their first home.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/04/2016 13:42:40 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

484438

registered interest
date	22/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether he used any international systems to inform the formulation of his proposals to introduce a lifetime ISA.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	32096
answer	answer is ministerial correction date of answer 29/03/2016 answer text <p>The Government is always mindful of international comparisons when developing tax policy. In the case of the Lifetime ISA, the Government will explore with the industry whether there should be the flexibility to borrow funds from the Lifetime ISA without incurring a charge if the borrowed funds are fully repaid; for example, some US retirement plans allow 50% to be borrowed up to a maximum of $50,000.</p><p> </p><p>Further details about how the Lifetime ISA will work will be announced when the government brings forward legislation to enact the Lifetime ISA in the autumn.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/03/2016 10:49:59 answering member 1529 label Biography information for Mr David Gauke
tabling member	4410 label Biography information for Julian Knight

442864

registered interest
date	06/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the change has been in the numbers of people contributing to stock and share ISAs in the last three years.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	21283
answer	answer is ministerial correction date of answer 11/01/2016 answer text <p>The information requested can be found in HM Revenue and Customs published National Statistics, available here:</p><br /><ul><li>2010-11: <a href="http://webarchive.nationalarchives.gov.uk/20131210211502/https:/www.gov.uk/government/publications/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">http://webarchive.nationalarchives.gov.uk/20131210211502/https://www.gov.uk/government/publications/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a></li><li>2011-12: <a href="http://webarchive.nationalarchives.gov.uk/20140506181329/https:/www.gov.uk/government/publications/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">http://webarchive.nationalarchives.gov.uk/20140506181329/https://www.gov.uk/government/publications/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a></li><li>2012-13: <a href="https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income" target="_blank">https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income</a> <br></li></ul><p>Figures for 2013-14 and 2014-15 will be published in April 2016 and April 2017 respectively.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 11/01/2016 16:58:15 answering member 1529 label Biography information for Mr David Gauke
tabling member	1409 label Biography information for Mr Gregory Campbell