Page 13 - Addition Autumn 2017
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The  rst cash-based Lifetime ISA recently entered the market. Open to new entrants between the ages of 18 and 39, it allows savers to put aside cash sums in order to save for their  rst home or their future retirement.
Under the scheme, a maximum of £4,000 can be invested each year,
with the government then topping this up with an additional 25%. Investments can be made up to the savers 50th birthday, and can either be used towards a  rst home in the UK worth up to £450,000, or can be withdrawn for any other purpose after their 60th birthday.
It is also possible for the ISA holder to withdraw the money before their 60th birthday, but they will lose the government bonus (plus any interest or growth on this) and will be liable to pay a 5% surcharge.
addition • autumn 17 • Issue 39 | 13
As card transactions
made either online or via contactless technology reached 40% of the total in late 2016,  gures published by Financial Fraud Action UK (FFA UK) have revealed a signi cant rise in the amount of money being stolen from contactless bank cards and mobile devices.
Contactless spending rose from £7.75 billion in 2015 to £25.2 billion in 2016. The data revealed that nearly £7 million was stolen in 2016,
compared to £2.8 million in 2015. According to the same  gures, however, this accounted for only 1.1% of total card fraud.
In order to combat contactless card fraud, consumers have been urged never to hand over their card at the point of payment, to always ask for a receipt when purchasing goods, and to review  nancial statements regularly to check for unusual transactions.
A new Land Transaction Tax (LTT) is set to replace Stamp Duty Land Tax (SDLT) in Wales, with effect from April 2018.
The legislation is similar to the existing UK SDLT legislation and will be payable by the purchaser when buying or leasing
a building or land, in line with a series of set rates and bands.
Higher rates of tax
will apply to purchases of additional residential properties, as is currently the case, but there are some additional rules.
the latest step in the drive towards tax devolution, which has seen the introduction of the Land and Buildings Transaction Tax
(LBTT) in Scotland and the Scottish Rate of Income Tax.
The proposed rates and bands for the LTT are set to be announced by October 2017.
The Welsh Revenue Authority (WRA) will
be responsible for
the collection and management of the LTT from April 2018.
The new LTT marks

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