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1225925

registered interest
date	17/07/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on amending the terms of the Lifetime ISA.
tabling member constituency	Bristol South
tabling member printed	Karin Smyth
uin	76055
answer	answer is ministerial correction date of answer 22/07/2020 answer text <p>In line with the practice of successive administrations, details of ministerial discussions are not normally disclosed.</p><p> </p><p>The government keeps all aspects of savings and tax policy under review as part of the process of policy development and delivery. The government has recently amended the terms of the Lifetime ISA to support savers during the COVID-19 pandemic. On 1 May 2020 the government announced that the Lifetime ISA withdrawal charge will be reduced temporarily to 20% from 25% for any unauthorised withdrawal made between 6 March 2020 and 5 April 2021 recouping the government bonus and any interest or growth that may have accrued on that bonus, but with no further charge.</p> answering member constituency Salisbury answering member printed John Glen question first answered 22/07/2020 08:11:35 answering member 4051 label Biography information for John Glen
tabling member	4444 label Biography information for Karin Smyth

1196020

registered interest
date	15/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of removing penalties from savers who need to withdraw funds from lifetime ISAs to enable them to tackle financial difficulties as a result of the covid-19 outbreak.
tabling member constituency	East Renfrewshire
tabling member printed	Kirsten Oswald
uin	47329
answer	answer is ministerial correction date of answer 20/05/2020 answer text <p><strong>A</strong>s announced on 1 May 2020, to help investors withdraw funds from their Lifetime ISA during the COVID-19 pandemic the withdrawal charge has been temporarily reduced from 25% to 20%. The reduced withdrawal charge applies to all unauthorised withdrawals made in the period from Friday 6 March 2020 until Monday 5 April 2021. This means savers will get back all the money they originally put in, subject to any investment losses incurred on stocks and shares Lifetime ISAs. There is no withdrawal charge if it is made to buy a first home or the investor has a terminal illness.</p><p> </p><p>Further information on the reduced charge is available at: <a href="http://www.gov.uk/guidance/lifetime-isa-withdrawal-charge-reduced-to-20" target="_blank">www.gov.uk/guidance/lifetime-isa-withdrawal-charge-reduced-to-20</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 20/05/2020 11:43:37 answering member 4051 label Biography information for John Glen
tabling member	4413 label Biography information for Kirsten Oswald

1177209

registered interest
date	10/02/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 13 December 2017 (HL3799), what estimate they have made of the number of people aged (1) 50–59, (2) 60–69, (3) 70–79, (4) 80–89, and (5) 90 or over, who own ISAs; and for each age group, what is the monetary value of the average holding.
tabling member printed	Baroness Altmann
uin	HL1455
answer	answer is ministerial correction date of answer 21/02/2020 answer text <p>The number of people in the age bands (1) 50–59, (2) 60–69, (3) 70–79, (4) 80–89, and (5) 90 or over, who own ISAs; and the average holding is set out in the table below for the most recent year for which we have data (2016/2017):</p><p> </p><table><tbody><tr><td colspan="2"><p>ISA Holders (16/17)</p></td><td><p>Numbers: thousands</p></td><td><p> </p></td></tr><tr><td><p> </p></td><td><p>Age</p></td><td><p>Total Number of ISA holders</p></td><td><p>Average ISA Market Values</p></td></tr><tr><td><p> </p></td><td><p>50-59</p></td><td><p>4,100</p></td><td><p>£26,900</p></td></tr><tr><td><p> </p></td><td><p>60-69</p></td><td><p>3,900</p></td><td><p>£41,600</p></td></tr><tr><td><p> </p></td><td><p>70-79</p></td><td><p>3,000</p></td><td><p>£47,400</p></td></tr><tr><td><p> </p></td><td><p>80-89</p></td><td><p>1,400</p></td><td><p>£48,300</p></td></tr><tr><td><p> </p></td><td><p>90 and over</p></td><td><p>300</p></td><td><p>£51,000</p></td></tr><tr><td><p> </p></td><td><p>Total<sub>1</sub></p></td><td><p>21,200</p></td><td><p>£27,600</p></td></tr><tr><td colspan="2"><p>Footnotes</p></td></tr><tr><td colspan="4"><p><sup>1</sup> Total is for all ages, including those not shown in the table.</p></td></tr></tbody></table><p> </p><p>This table is based on information used in HMRC Individual Savings Account (ISA) statistics, which is available on the Gov.uk website.</p> answering member printed Lord Agnew of Oulton question first answered 21/02/2020 13:20:21 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

1138081

registered interest
date	10/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many people have invested in a Lifetime ISA since its introduction.
tabling member constituency	Brigg and Goole
tabling member printed	Andrew Percy
uin	275729
answer	answer is ministerial correction date of answer 18/07/2019 answer text <p>The Lifetime ISA was introduced to help younger generations save both for their first home and later life. It has been available since April 2017. Individuals can subscribe up to £4,000 a year into a Lifetime ISA, receiving a 25% government bonus.</p><p> </p><p>Since its introduction, monthly digital reporting to HMRC by Lifetime ISA providers indicate that over 330,000 people have invested in a Lifetime ISA.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/07/2019 13:20:57 answering member 4051 label Biography information for John Glen
tabling member	3939 label Biography information for Andrew Percy

1122009

registered interest
date	18/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to raise public awareness of the Lifetime ISA.
tabling member constituency	Hove
tabling member printed	Peter Kyle
uin	245903
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The Lifetime ISA is a tax-free savings account. Anyone between the ages of 18 and 40 may open an account and, until their 50<sup>th</sup> birthday, may save up to £4,000 each year and receive a 25% government bonus. Savings, including the bonus, can be withdrawn without penalty from age 60, if the saver is terminally ill, or to put towards a first home.</p><p> </p><p>There are currently 21 providers of the Lifetime ISA. As of January 2019, there were 250,000 open accounts on which over £230m has been paid out in bonuses.</p><p> </p><p>The government does not ordinarily promote specific types of ISA. Providers which offer the Lifetime ISA will undertake advertisement and promotion activities in relation to their own products.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/04/2019 12:56:12 answering member 4051 label Biography information for John Glen
tabling member	4505 label Biography information for Peter Kyle

1082272

registered interest
date	05/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many people have invested in an Innovative Finance ISA; and what assessment he has made of the level of uptake of that ISA.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	228624
answer	answer is ministerial correction date of answer 11/03/2019 answer text According to HMRC statistics, 31,000 innovative finance ISA accounts were subscribed to during the 2017-18 tax year.<p> </p>The Innovative Finance ISA increases the investment options available to investors and forms part of the wider ISA family. An attractive market for peer to peer lending within ISA already exists, with sufficient providers offering a product which meets the needs of lenders and investors. answering member constituency Salisbury answering member printed John Glen question first answered 11/03/2019 14:11:56 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie