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This petition was submitted during the 2019 to 2024 Parliament

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Closed Reduce the Lifetime ISA withdrawal penalty from 25% to 20%

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We want the Government to reduce the withdrawal penalty from a Lifetime ISA from 25% to 20% so savers needing to withdraw for reasons other than first time buying or retirement, are not punished for wanting to reallocate their savings.

I believe reducing the withdrawal penalty to 20% would encourage more people to use these saving devices as their savings would not be as constricted. Why should savers be punished by taking a hit on their initial input, for having or needing to withdraw funds for other mitigating reasons? We believe you should be able to get back at LEAST the initial investment if made in a cash LISA.

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    This petition will stay open until 30 May 2024.