Call for Evidence - Lifetime ISA
The Treasury Committee is asking for evidence on whether the Lifetime Individual Savings Account (LISA) is still an appropriate financial product nine years after it was created.
The Treasury Committee is aiming to gather views from the finance industry, consumers and experts. As part of this work, MPs are looking for answers to the following questions:
Is the Lifetime ISA fit for purpose in its current design, including as a combined product for house purchase and pension saving?
How well do consumers transition between using the Lifetime ISA as a product for house purchase, to then a product for pension saving?
Given its policy purposes, is the Lifetime ISA value for money for the Government?
Is the Lifetime ISA a suitable pension savings product?
Should the Lifetime ISA be abolished?
Should the Lifetime ISA be reformed to remove the withdrawal penalty?
Should the Lifetime ISA be restricted to those with no access to a workplace pension?
Should the Lifetime ISA house price cap be raised in line with inflation, or removed?
Should the annual Lifetime ISA limit be raised from £4,000?
Should the Lifetime ISA be reformed in any other way?
The deadline for submitting evidence is 5pm on Tuesday 4 February.
Source: https://committees.parliament.uk/call-for-evidence/3533
It's worth noting that Labour said last year they wish to 'simplify the ISA landscape' and the last time the Treasury Committee looked into Lifetime ISAs they recommended they be scrapped (https://www.moneysavingexpert.com/news/2018/07/lifetime-isa-should-be-scrapped-says-influential-group-of-mps/).
If you're in favour of Lifetime ISAs you might want to make your voice heard on this.