At Police Friendly, we wanted to let you know about a key announcement in the recent Budget about the Lifetime ISA (LISA) – and what it could mean for members of the Police Family.
The Government plans to launch a consultation next year on a new ISA for first-time buyers. This new product may replace the current Lifetime ISA, meaning time could be running out to secure one under today’s broader rules.
Right now, you can save up to £4,000 in a LISA* each tax year and receive a 25% tax-free Government bonus of up to £1,000 annually. Family members can contribute, and you’ll get the 25% bonus on any payments they make too. Our LISA also offers additional tax-free bonuses.
The current Lifetime ISA can be used for your first home or for retirement from age 60. Under the new proposal, the 25% Government bonus may only be added when you buy a home, removing the yearly bonus boost that helps your savings grow even more.
If you are under 40 and don’t yet have a LISA, now could be the time to open one while you can still secure up to £1,000 tax-free from the Government each tax year.
If you already have a LISA, make sure you’re paying in the full £4,000 each tax year to receive the maximum £1,000 tax-free annual bonus.
Plus – we’ve extended our Lifetime ISA Offer for Federation Members! Open a new Lifetime ISA by 31/12/25 quoting AUTUMN25 and receive a £50 Amazon.co.uk Gift Card. T&Cs apply.
*Lifetime ISA qualifying rules apply. See our website for details
Need any help? Call 01689 891454 to talk to one of our friendly, UK-based team. Our lines are open Mon-Thurs 8:30-5:00pm and Fri 8:30-4:30pm.