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517116
registered interest false more like this
date less than 2016-05-03more like thismore than 2016-05-03
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the increase in the value of additional savings that will be made by people as a result of the establishment of the lifetime ISA announced in Budget 2016. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 36239 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-05-11more like thismore than 2016-05-11
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. i) 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><p>ii) and iii) Estimates are not available.</p>
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
grouped question UIN
36240 more like this
36241 more like this
question first answered
less than 2016-05-11T10:16:01.127Zmore like thismore than 2016-05-11T10:16:01.127Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
517117
registered interest false more like this
date less than 2016-05-03more like thismore than 2016-05-03
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, with reference to page 9 of Budget 2016: policy costings, published in March 2016, what estimate he has made of the cost to the public purse of (a) the lifetime ISA and (b) the increase in the ISA annual limit. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 36240 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-05-11more like thismore than 2016-05-11
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. i) 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><p>ii) and iii) Estimates are not available.</p>
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
grouped question UIN
36239 more like this
36241 more like this
question first answered
less than 2016-05-11T10:16:00.89Zmore like thismore than 2016-05-11T10:16:00.89Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
517118
registered interest false more like this
date less than 2016-05-03more like thismore than 2016-05-03
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the potential increase in the number of people saving as a result of the establishment of the lifetime ISA announced in Budget 2016. more like this
tabling member constituency Leeds West more like this
tabling member printed
Rachel Reeves more like this
uin 36241 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-05-11more like thismore than 2016-05-11
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. i) 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><p>ii) and iii) Estimates are not available.</p>
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
grouped question UIN
36239 more like this
36240 more like this
question first answered
less than 2016-05-11T10:16:01.33Zmore like thismore than 2016-05-11T10:16:01.33Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4031
label Biography information for Rachel Reeves more like this
512941
registered interest false more like this
date less than 2016-04-14more like thismore than 2016-04-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the readiness of the financial services industry to provide lifetime ISAs. more like this
tabling member constituency Solihull more like this
tabling member printed
Julian Knight more like this
uin 33962 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-20more like thismore than 2016-04-20
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 of the Lifetime ISA to ensure that it is delivered for April 2017.</p> more like this
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-20T14:10:12.79Zmore like thismore than 2016-04-20T14:10:12.79Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4410
label Biography information for Julian Knight more like this
512942
registered interest false more like this
date less than 2016-04-14more like thismore than 2016-04-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, whether his Department plans to cap charges on equity investment lifetime ISAs. more like this
tabling member constituency Solihull more like this
tabling member printed
Julian Knight more like this
uin 33963 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-21more like thismore than 2016-04-21
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 and regulation of the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p><p> </p> more like this
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-21T13:18:02.847Zmore like thismore than 2016-04-21T13:18:02.847Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4410
label Biography information for Julian Knight more like this
512943
registered interest false more like this
date less than 2016-04-14more like thismore than 2016-04-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the proportion of people taking out a lifetime ISA who will take that ISA in the form of (a) a cash only lifetime ISA and (b) an equity investment lifetime ISA in each of the first three years that those ISAs are available. more like this
tabling member constituency Solihull more like this
tabling member printed
Julian Knight more like this
uin 33966 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-25more like thismore than 2016-04-25
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 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: <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>
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-25T13:15:04.627Zmore like thismore than 2016-04-25T13:15:04.627Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4410
label Biography information for Julian Knight more like this
512944
registered interest false more like this
date less than 2016-04-14more like thismore than 2016-04-14
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what investments his Department plans to be (a) permitted and (b) excluded under a lifetime ISA. more like this
tabling member constituency Solihull more like this
tabling member printed
Julian Knight more like this
uin 33964 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-26more like thismore than 2016-04-26
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 and regulation of the Lifetime ISA. Further details will be announced when the Government brings forward legislation to enact the Lifetime ISA in the autumn.</p> more like this
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-26T13:34:07.997Zmore like thismore than 2016-04-26T13:34:07.997Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4410
label Biography information for Julian Knight more like this
486978
registered interest false more like this
date less than 2016-03-24more like thismore than 2016-03-24
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that consumers have adequate advice and information about the benefits and risks of investing in a lifetime ISA. more like this
tabling member constituency Birmingham, Selly Oak more like this
tabling member printed
Steve McCabe more like this
uin 32504 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-12more like thismore than 2016-04-12
answer text <p>The Government is committed to ensuring that people have access to affordable financial advice and guidance, at all stages of their lives. As announced at Budget 2016, the Government will take forward all the recommendations of the Financial Advice Market Review for which it is responsible, to support the development of a market which provides affordable, high-quality advice.</p><p> </p> more like this
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-12T13:43:48.497Zmore like thismore than 2016-04-12T13:43:48.497Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
298
label Biography information for Steve McCabe more like this
484437
registered interest false more like this
date less than 2016-03-22more like thismore than 2016-03-22
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people likely to take up the lifetime ISA in the first year of its operation. more like this
tabling member constituency Solihull more like this
tabling member printed
Julian Knight more like this
uin 32131 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-11more like thismore than 2016-04-11
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>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>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> More than 350,000 first time buyers have opened a Help to Buy ISA since it became available.</p>
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-11T14:10:45.617Zmore like thismore than 2016-04-11T14:10:45.617Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
4410
label Biography information for Julian Knight more like this
484483
registered interest false more like this
date less than 2016-03-22more like thismore than 2016-03-22
answering body
HM Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name CaTreasury more like this
hansard heading Individual Savings Accounts remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask Mr Chancellor of the Exchequer, what assessment his Department has made of trends in the annual amount saved in ISA accounts across each income group in financial year (a) 2010-11, (b) 2011-12 and (c) 2012-13; and if he will make a statement. more like this
tabling member constituency Coventry South more like this
tabling member printed
Mr Jim Cunningham more like this
uin 32188 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2016-04-11more like thismore than 2016-04-11
answer text <p>ISA statistics are published on the National Archives website and GOV.UK website.</p> more like this
answering member constituency West Worcestershire remove filter
answering member printed Harriett Baldwin more like this
question first answered
less than 2016-04-11T13:50:36.88Zmore like thismore than 2016-04-11T13:50:36.88Z
answering member
4107
label Biography information for Dame Harriett Baldwin more like this
tabling member
308
label Biography information for Mr Jim Cunningham more like this