Many in UK 'missing out' on £1,000 per year 'free' from HMRC

Many in UK 'missing out' on £1,000 per year 'free' from HMRCMore than one in three people eligible for it don't know about itCommentsMoneySteven Smith Content Editor13:27, 13 Apr 2026View 3 ImagesIt's worth a substantial amount(Image: Alphotographic via Getty Images)People across the UK are being alerted to an HMRC payment that adds up to substantial cash. One of the biggest challenges for many prospective buyers is accumulating a sufficient deposit to secure that crucial first step onto the property ladder.‌After rent, bills and various other expenses have been covered, there's frequently little remaining for hopeful buyers to set aside for their deposit.‌Making things even more difficult, Patricia Ogunfeibo, founder and non-practising solicitor at tenant2owner, a free resource for first-time buyers, reveals many individuals are unaware they can receive just over £83 monthly for free from the Government via HMRC through the lifetime ISA, or LISA.‌She explained: "I'm still shocked by how many aspiring buyers are simply unaware that the Government will contribute to their deposit through the LISA. There's free money available and far too often it's just not being taken."In a recent survey commissioned by HMRC, 37% of people who were eligible for a LISA had never heard of it. In other words, nearly four in 10 people who could open one didn't even know it existed and that's really worrying. It also suggests the Government has failed to do enough to promote this valuable way to save."View 3 ImagesPatricia Ogunfeibo(Image: Patricia Ogunfeibo/Newspage)‌Through the Lifetime ISA, first-time buyers can save up to £4,000 annually towards a deposit and, for every £4 they save through it, the Government contributes £1."The impact this top-up can have on people's ability to buy should not be underestimated," said Patricia. She continued: "For many people, it will significantly increase...