Rachel Reeves – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Rachel Reeves on 2016-05-23.

To ask Mr Chancellor of the Exchequer, with reference to the Answer of 11 May 2016 to Question 36241, what assumptions were made about the number of people (a) taking up a Lifetime ISA and (b) subscribing the maximum annual amount to an ordinary ISA in calculating the estimated Exchequer impacts set out in that Answer.

Mr David Gauke

The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf

ISA statistics are published on the GOV.UK website. Table 9.7 sets out the number of individuals subscribing to ISAs by income and amount subscribed: https://www.gov.uk/government/statistics/number-of-individuals-subscribing-to-an-individual-savings-account-isa-by-income.

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