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1697670

registered interest
date	20/03/2024
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 His Majesty's Government what is the timetable for the launch of the British ISA announced by the Chancellor of the Exchequer in the Budget Statement on 6 March.
tabling member printed	Lord Kempsell
uin	HL3462
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>At Spring Budget 2024, the Chancellor announced the creation of a UK ISA. Alongside this, the Government published a consultation seeking responses on the policy design and implementation. The consultation closes on 6<sup>th</sup> June 2024, after which we will consider responses and next steps.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:47:20 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4988 label Biography information for Lord Kempsell

1686493

registered interest
date	31/01/2024
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 His Majesty's Government what guidance HMRC provides concerning whether fractional shares may be held in individual savings accounts; and whether they have made any assessment of any discrepancy between (1) such guidance, and (2) the contents of the Autumn Statement, guidance from the Financial Conduct Authority, and the consensus of the investment community.
tabling member printed	Lord Cromwell
uin	HL2068
answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.</p><p> </p><p>Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.</p><p> </p><p>Further information will be available in due course.</p><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL2069 question first answered 13/02/2024 17:04:00 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	2594 label Biography information for Lord Cromwell

1686494

registered interest
date	31/01/2024
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 His Majesty's Government whether they intend to clarify before April 2024 whether fractional shares may be included in individuals savings accounts.
tabling member printed	Lord Cromwell
uin	HL2069
answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts to be eligible ISA investments. This requires a change to the ISA Regulations and ISA manager’s guidance to define those eligible investments for ISA purposes.</p><p> </p><p>Government has considered the Financial Conduct Authority’s initial position towards fractional shares, the position of the small number of firms offering them, and the view of the wider market.</p><p> </p><p>Further information will be available in due course.</p><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL2068 question first answered 13/02/2024 17:04:00 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	2594 label Biography information for Lord Cromwell

1685354

registered interest
date	26/01/2024
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 His Majesty's Government whether any amendment to individual savings account (ISA) regulations is necessary in respect of fractional shares; and if this is the case, what is the timeline to amend ISA regulations in order to enable fractional shares to be included in ISAs.
tabling member printed	Lord Cromwell
uin	HL1955
answer	answer is ministerial correction date of answer 08/02/2024 answer text <p>At Autumn Statement 2023, the Government announced its intention to permit certain fractional shares contracts as eligible ISA investments and committed to engage with stakeholders on implementation. HMT and HMRC officials have met with industry stakeholders and the FCA to understand how to define qualifying ‘fractional shares contracts’ for the purposes of ISA regulations. This work continues to progress at pace, with an expectation to legislate at the earliest opportunity.</p> answering member printed Baroness Vere of Norbiton question first answered 08/02/2024 12:16:40 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	2594 label Biography information for Lord Cromwell

1586020

registered interest
date	09/02/2023
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 His Majesty's Government what plans they have to allow savers to use Lifetime ISA (LISA) monies without penalty to buy a home of a value that would otherwise incur a penalty when the money was withdrawn.
tabling member printed	Lord Naseby
uin	HL5613
answer	answer is ministerial correction date of answer 22/02/2023 answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.</p><p> </p><p>The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.</p><p> </p><p>The Government keeps all elements of the Lifetime ISA under review, as it does all aspects of the tax system.</p> answering member printed Baroness Penn grouped question UIN HL5614 question first answered 22/02/2023 14:19:02 answering member 4726 label Biography information for Baroness Penn
tabling member	1251 label Biography information for Lord Naseby

1419351

registered interest
date	02/02/2022
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 when they propose to uplift the maximum property allowance for Lifetime ISAs from the current cap of £450,000, set in April 2017.
tabling member printed	Lord Naseby
uin	HL5883
answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.</p><p> </p><p>The Government considers that the £450,000 price cap remains suitable to support the majority of first-time buyers across the UK who typically purchase less expensive properties than other buyers.</p><p> </p><p>The most recent Office for Budget Responsibility forecast stated that bonus payments will have an exchequer cost of £3.7 billion between 2021 and 2027. The price cap ensures that this significant investment of public money is more precisely targeted towards households that may find it more difficult to get onto the property ladder.</p><p> </p><p>First-time buyers who can purchase a home valued over £450,000 are likely to have an income significantly above that of the average household in the UK and are therefore more likely to be able to purchase a first home without the support of this scheme.</p><p> </p><p>The Government continues to keep all aspects of savings policy under review.</p> answering member printed Baroness Penn question first answered 09/02/2022 16:23:03 answering member 4726 label Biography information for Baroness Penn
tabling member	1251 label Biography information for Lord Naseby

1358872

registered interest
date	12/10/2021
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 (1) how much money has been invested in individual savings accounts (ISAs) in total, (2) how much money has been invested in ISAs by different age groups, (3) how many individuals have invested in ISAs, and (4) what is the average amount invested in ISAs per person.
tabling member printed	Baroness Altmann
uin	HL2988
answer	answer is ministerial correction date of answer 26/10/2021 answer text <p>HMRC produces an Individual Savings Accounts (ISAs) tables document as part of its Annual savings statistics publication on Gov.uk.</p><p> </p><p>The amount invested in ISAs, how many individuals have invested in ISAs and the average amount invested in ISAs is in table 9.4. This information is on a per account basis; individuals may sign up to multiple ISA accounts.</p><p> </p><p>The number of individuals that have invested in ISAs and average amount invested per person for the 2018 to 2019 tax year can be found in table 9.11.</p><p> </p><p>An age breakdown of the money invested in ISAs can only be made available at a disproportionate cost. However, table 9.11 gives a breakdown of ISA market values by age.</p><p>The ISA Tables are found on the GOV.UK website: https://www.gov.uk/government/statistics/annual-savings-statistics</p><p> </p><p> </p> answering member printed Lord Agnew of Oulton attachment 1 file name 211014 ISA PQ B. Altmann Table 9.4 truncated.pdf title Table 9.4 2 file name 211014 ISA PQ B. Altmann Table 9.11.pdf title Table 9.1.1 question first answered 26/10/2021 11:39:01 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4533 label Biography information for Baroness Altmann

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