The Lifetime ISA is a type of savings account where the government gives you a 25% bonus on your savings

The Lifetime ISA could be scrapped and replaced with another product for first-time buyers, documents published after the Budget reveal.

The government has announced that a new consultation will take place in early 2026.

The Lifetime ISA is a type of savings account where the government gives you a 25% bonus on your savings. You can save up to £4,000 each tax year into a Lifetime ISA - so the maximum bonus you can get each year is £1,000.

The Lifetime ISA is designed for people who are saving for their first-time, or retirement. If you access your funds for any other reason, you currently face a a 25% withdrawal penalty which not only wipes out the bonus, but also part of your o

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