You may have seen the new Lifetime ISAs when they were announced in the March 2016 budget. We commented on this back on 17 March 2016.
For every £40 you put in, the government will put in another £10. The account then attracts tax free interest on top of the £50. There is also no tax charge when you take the money out (unlike a pension).
Lifetime ISAs are limited to one per person; you must be 18 to 40 to open one; maximum £4,000 invested (topped up to £5,000) per year; no minimum or regular saving required.
As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like detailed specific advice please contact us.