Big Sam

NEWS: Delighted after years of fighting for it, that the Lifetime ISA penalty for those buying a house of £450,000 will be reduced from 25% to 20%. In practice (as you got a 25% bonus when putting money in) this means while you won't get the bonus, you'll get back roughly what you put in plus interest. I've long suggested this and am pleased the Chancellor listened. It means there's no risk to putting money in a LISA if you're definitely going to buy a house. As if you're priced out, and have to go above threshold, you still get your savings and the interest, you just don't get the extra. This will be a great relief to many young people. I'm still checking when it comes in. He has confirmed too that the First Time Buyers replacement will go ahead but that will take a few years I suspect. The LISA will remain for now, and should still be viable even once its closed to new starters. #Budget2026

Cash ISA cut SCRAPPED. The limit will stay at £20,000 tax-free for people of all ages. And to make investment more accessible I will work with the sector to form a new "starter ISA" to make investment more accessible. Delighted Chancellor has taken up my idea for this and gone with the carrot rather than the stick! #Budget2026