PARLIAMENTARY WRITTEN QUESTION
Means-tested Benefits: Individual Savings Accounts (4 November 2016)
Question Asked
To ask the Secretary of State for Work and Pensions, whether his Department considers Lifetime ISA savings as capital for the purposes of capital limits for welfare means testing.
Asked by:
Kirsty Blackman (Scottish National Party)
Asked by:
Kirsty Blackman (Scottish National Party)
Answer
Like other forms of saving, the surrender value of the Lifetime ISA will be treated as capital in means tested benefits and therefore subject to capital limits. This was set out in a detailed policy document on the Lifetime ISA from HM Treasury in September.
Answered by:
Damian Hinds (Conservative)
14 November 2016
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