The implementation of a new savings vehicle aimed at individuals who are self employed could be delayed due to a failure by the Government to give providers the necessary details in time.

Former Chancellor George Osborne announced the Lifetime ISA (LISA) in his last Budget, confirming that it was to be aimed at those who work for themselves, such as freelancers, contractors and the owners of micro-businesses. It was due to be rolled out on 6 April 2017 for those aged under 40, or, if the calls from self-employed body IPSE are heard, for those nearer retirement age.

LISA will allow people aged 18 and over pay in as much as £40,000 every year. They will also receive a taxpayer-funded bonus of up to £1,000 and will be able to benefit from full, tax-free withdrawal following their 60th birthday.

However, recent reports have shown that LISA providers have not yet been given essential details regarding the accounts from the Government, meaning that the planned April launch date could now be looking increasingly unlikely.

Indeed, critical details regarding contribution limits and how the taxpayer bonus will be paid have not yet been given to providers, confirmed the Financial Times.