Ndubuisi 'Andy' Egwim explains how the Lifetime ISA works and warns savers they could owe HMRC if they misuse it. Many people with large savings in regular accounts don't realize they're missing tax-free growth, and the government bonus isn't just for the under-40s.
So life does not start at 40. I see people posting on social media. Life starts at 40. Life does not start at 4. So lifetime ISA does not start at 40. Lifestyle ISA is the account where the government can be your daddy and give you an extra £1,000 every year. Just for saving your own money. Just for investing your own money. I've met people who said, why did anyone tell me about this tax? I've had senior colleagues who've approached and also some younger ones who said, I've saved 50k, I've saved 100k, I've saved, like, 30k, saved. I don't really know what to do. I'm just putting my savings account, like, is that any cash I saw? No, it's just my savings account. Like, you're owing HMRC money.
