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

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.

More details

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.

This petition closed early because of a General Election Find out more on the Petitions Committee website

35 signatures

Progress of the petition towards its next target: 35 of 10,000 signatures required to get a government response

Show on a map the geographical breakdown of signatures by constituency

10,000 signatures required to get a government response

Date closed 30 May 2024
Get petition data (json format)

About petition data

The data shows the number of people who have signed the petition by country as well as in the constituency of each Member of Parliament. This data is available for all petitions on the site. It is not a list of people who have signed the petition. The only name that is shared on the site is that of the petition creator.