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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

517579

registered interest
date	04/05/2016
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Individual Savings Accounts
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential effects on auto enrolment of the roll-out of the lifetime ISA.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	36399
answer	answer is ministerial correction date of answer 11/05/2016 answer text <p>Automatic enrolment is the cornerstone of this Government’s private pension reforms, normalising pension saving and reversing the decade long decline in pension savings prior to introduction in 2012. It has been a great success to date with over 6 million people enrolled and opt-outs low at around 10 per cent.</p><p> </p><p>The Lifetime ISA is not a part of the pension system but an additional flexible savings product that can complement pension saving but not replace it. Increasing the choice of savings products available, it aims to support the Government’s ambition to encourage a regular savings habit amongst young people and to create a culture of medium and long term saving at different points in people’s lives.</p><p> </p><p>The Budget 2016 Lifetime ISA costing, certified by the OBR, did not anticipate any revenue impact from individuals opting-out of their workplace pensions in order to save into Lifetime ISAs.</p><p> </p> answering member constituency North Swindon answering member printed Justin Tomlinson question first answered 11/05/2016 15:13:55 answering member 4105 label Biography information for Justin Tomlinson
tabling member	4410 label Biography information for Julian Knight

517116

registered interest
date	03/05/2016
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 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.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	36239
answer	answer is ministerial correction date of answer 11/05/2016 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. 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 answering member printed Harriett Baldwin grouped question UIN 36240 36241 question first answered 11/05/2016 10:16:01 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4031 label Biography information for Rachel Reeves

517117

registered interest
date	03/05/2016
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 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.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	36240
answer	answer is ministerial correction date of answer 11/05/2016 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. 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 answering member printed Harriett Baldwin grouped question UIN 36239 36241 question first answered 11/05/2016 10:16:00 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4031 label Biography information for Rachel Reeves

517118

registered interest
date	03/05/2016
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 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.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	36241
answer	answer is ministerial correction date of answer 11/05/2016 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. 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 answering member printed Harriett Baldwin grouped question UIN 36239 36240 question first answered 11/05/2016 10:16:01 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4031 label Biography information for Rachel Reeves

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

512941

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 recent assessment he has made of the readiness of the financial services industry to provide lifetime ISAs.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33962
answer	answer is ministerial correction date of answer 20/04/2016 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 of the Lifetime ISA to ensure that it is delivered for April 2017.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 20/04/2016 14:10:12 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4410 label Biography information for Julian Knight