Does it make it potentially less generous if the bonus is only paid at the end?

Yes.

So one of the benefits of the lifetime ISA is that you get the bonus added every time you make a subscription to a lifetime ISA.

And then that can benefit from compound growth over time, whether it's...

Are you getting interest on cash? Whereas, as you say, from certain institutions' perspective, we want to offer it.

It might be a simpler equation to offer first-time buyer ISA, which is kind of like the old help to buy ISA.

So you don't need to have an exit charge, as they would say, because you don't get the bonus added until you get to completion.

That will rise slightly each year, but it's not a huge saving.

And Tom, this is meant to be part of the government's push to get more of us investing, isn't it? Because the stocks and shares ice limit is remaining at 20k.

Yeah.

So that's the stated aim.

So the government has said it wants to encourage a greater retail investing culture in the UK.

Now, there were different ways they could go about that.

I'd argue the way they've gone about it has been slightly cack-handed and not the most sensible way to do it.

So what they've gone for is the kind of the big stick of tax and punishment in order to get people to invest.

Can you talk us through those?