Lifetime ISAs

LISAs became available from 6 April 2017 and while the LISA is similar other to ISAs, the key differences are that an account can only be opened by those aged between 18 to 40 and payments can’t be accepted once the saver attains age 50, the subscription limit is restricted to £4,000 per tax year, a Government bonus of 25% is paid on qualifying payments and withdrawal charges of 25% can be deducted by the LISA manager in specified circumstances.
The main aim of the LISA was to provide funds for house purchase or retirement.