Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department made of the number of people that would invest in a Lifetime ISA; how many people have invested in a Lifetime ISA; and if he will make an assessment of the potential merits of closing the Lifetime ISA to new entrants.

The Lifetime ISA was introduced in 2017 to encourage younger people to get into the habit of saving for the long term. The Tax Information and Impact Note for the Lifetime LISA estimated over 200,000 accounts would be opened in the first year. Initial reports to HMRC for the 2017/18 tax year show approximately 170,000 accounts were opened. We expect the final figure for 2017/18 to change as a result of the receipt of late or amended returns from providers. The Government keeps all aspects of the tax system under review. Where appropriate, future changes may be made through the annual Budget process.