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Why the government should shelve Lifetime ISAs

This poorly designed product could lead to more pensioner poverty

By Ros Altmann  

©Dominic Lipinski/PA Wire/Press Association Images

In the 2016 Budget, the government proposed a new product to add to the tax-incentivised savings landscape—a “Lifetime ISA”—available to people aged between 18 and 40 from next April, in which they can save up to £4,000 a year. Any savings they put in before age 50 will receive a 25 per cent bonus from the government. The money in Lifetime ISAs can be used by first-time home buyers, or…

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