The Help to Buy ISA will not be available from 1 December 2019.
This type of ISA is available from several banks and building societies. It was designed to help people save to buy their first home. UK residents who do not own a property anywhere in the world can deposit up to £1,200 in the first month and £200 a month after that, and receive a 25% government bonus, subject to some conditions. The maximum bonus is £3,000 – for individuals who have saved at least £12,000.
Although the scheme closes on 30 November 2019, individuals who have opened a Help to Buy ISA can continue saving and claim the bonus until 1 December 2030. These ISAs are available to each first-time buyer, so two people buying a property jointly can receive a bonus of up to £6,000. The bonus should be claimed when an offer for a property has been accepted.
This newsletter is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The newsletter represents our understanding of law and HM Revenue & Customs practice as at 15 April 2019.