Rachel Vahey

“From 6 April 2027, most unused pension funds and pension death benefits will be included in a person’s estate for inheritance tax purposes.”

“currently age 55, but increasing to 57 from 6 April 2028”

“Usually, up to 25 per cent of the amount you take can be paid tax-free.”

“They can each pay in up to £4,000 a year and receive a 25 per cent government bonus, worth up to £1,000 a year.”

“The money can be used towards a first home costing up to £450,000”

“If they withdraw LISA money for anything other than buying a first home, or after age 60, a 25 per cent withdrawal charge normally applies.”

“The Government also plans to ban transfers for those under 65 from an investment LISA to a Cash LISA or a “normal” Cash ISA from April 2027”

“The property price cap decided for the FTB ISA will also apply to LISAs, so at some point, the £450,000 cap may change.”