Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

You’re Owing HMRC and Don’t Even Know It! 😳 | Lifetime ISA Explained

22 Jun 2025 · 1 min

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0:58

YouTube explainer by Ndubuisi 'Andy' Egwim about the Lifetime ISA (LISA). The speaker describes the LISA as a savings product for first-time homebuyers or retirement, explains the £4,000 annual contribution limit and that the government adds a 25% bonus on contributions, and gives numeric examples (e.g., £1→25p, £1,000→£250, £4,000→£1,000). The speaker also advises the product is most relevant to people under 40 and less relevant once over 40.

Questions this video answers

£4,000

25% (the government adds 25p for every £1 contributed)

£250

£1,000

Chapters

I don't really know what to do. I'm just putting my savings account, like. Is that any cash isa? No, it's just my savings account. Like, you're owing HMRC money, Do you know that? I will explain it later, but basically, the lifetime ISA is One of the ISAs I talked to you about. If you are less than 40, lifestyle ISA is really important. That's the next thing you should be thinking about. It has pros and cons. If you're above 40, don't worry about it. There are many other ISAs you can use. There are two of them that you can use quite effectively. So the lifetime ISA one is for buying your first home or for retirement. So you can actually put up to £4,000 into your lifetime ISA, and the government will actually give you 25 of whatever you put in the account. So if you put £1, you get 25p. If you put a thousand pounds, you get like £250. If you get the maximum, you put £4,000, you get a thousand pounds. Okay, so that's the lifetime isa.