Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to introduce a new help-to-buy ISA.

The Help to Buy: ISA (launched in 2015) allows prospective first-time buyers to obtain a government bonus of up to £3,000 towards their first home. This scheme closed to new accounts on 30 November 2019, but existing Help to Buy: ISA holders can continue saving into their account until 30 November 2029 and can claim the government bonus until November 2030.

Since April 2017, adults under 40 have been able to open a Lifetime ISA (LISA) and save up to £4,000 each year until they reach 50. The Government provides a 25 per cent bonus on all LISA contributions within these limits. Savings invested in a LISA can be withdrawn from the age of 60 but funds can be withdrawn at an earlier stage if used as a deposit for the account holder’s first home on a property worth up to £450,000. Help to Buy: ISA account holders will be able to transfer their funds to a LISA within the LISA’s £4,000 annual limit.

The Chancellor keeps all tax policy under review.