Rejected petition Reduce the Lifetime ISA withdrawal charge to 20%

Lifetime ISA is designed to help people save for their first home. Withdrawing from it for other reasons incurs a penalty charge of 25%, leading people to lose money. With the cost of living crisis, the government should reduce the charge to 20% as previously done during the 2020 pandemic year.

More details

More and more families are struggling to meet the cost of living and need emergency access to their savings. They can't afford to lose more through this penalty, and reducing the charge will help to reduce their stress. The shocking statistics and the challenges faced by people are well detailed in the following article: https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/lifetime-isas-unable-access-savings-withdrawal-fees-more-gonverment-bonus-1937644

This petition was rejected

Why was this petition rejected?

There’s already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.

You are more likely to get action on this issue if you sign and share a single petition.

You may wish to sign this petition which calls for the same action: https://petition.parliament.uk/petitions/625746

We only reject petitions that don’t meet the petition standards.

Date submitted 18 January 2023
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