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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

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

512942

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, whether his Department plans to cap charges on equity investment lifetime ISAs.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33963
answer	answer is ministerial correction date of answer 21/04/2016 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 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> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 21/04/2016 13:18:02 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4410 label Biography information for Julian Knight

512943

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 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.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33966
answer	answer is ministerial correction date of answer 25/04/2016 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 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 answering member printed Harriett Baldwin question first answered 25/04/2016 13:15:04 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4410 label Biography information for Julian Knight

512944

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 investments his Department plans to be (a) permitted and (b) excluded under a lifetime ISA.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	33964
answer	answer is ministerial correction date of answer 26/04/2016 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 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> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 26/04/2016 13:34:07 answering member 4107 label Biography information for Dame Harriett Baldwin
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