Understanding Lifetime ISA (LISA)
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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?

  • $20,000
  • $2,000
  • $4,000 (correct)
  • $16,000

    • 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)?

  • 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?

    <p>1 year</p> Signup and view all the answers

    What is the maximum age at which a person can continue to contribute to a Lifetime ISA (LISA)?

    <p>50 years old</p> Signup and view all the answers

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