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Questions and Answers
What is the maximum amount of money a person can contribute to a Lifetime ISA (LISA) in a single tax year?
What is the maximum amount of money a person can contribute to a Lifetime ISA (LISA) in a single tax year?
- $20,000
- $2,000
- $4,000 (correct)
- $16,000
What is the minimum age requirement to open a Lifetime ISA (LISA)?
What is the minimum age requirement to open a Lifetime ISA (LISA)?
- 16 years old
- 18 years old (correct)
- 25 years old
- 21 years old
What is the purpose of the 25% government bonus added to a Lifetime ISA (LISA)?
What is the purpose of the 25% government bonus added to a Lifetime ISA (LISA)?
- To encourage saving for retirement
- To offset the effects of inflation
- To help first-time home buyers (correct)
- To provide an additional tax-free investment option
How long must a person have a Lifetime ISA (LISA) open before they can use it towards the purchase of their first home?
How long must a person have a Lifetime ISA (LISA) open before they can use it towards the purchase of their first home?
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What is the maximum age at which a person can continue to contribute to a Lifetime ISA (LISA)?
What is the maximum age at which a person can continue to contribute to a Lifetime ISA (LISA)?
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