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Lifetime ISA Withdrawal Charge Reduced

To help investors withdraw funds from their Lifetime ISA during the coronavirus pandemic the withdrawal charge has been temporarily reduced from 25% to 20%.

The reduced withdrawal charge applies to all unauthorised withdrawals.

This change applies from Friday 6 March 2020 until 11:59pm Monday 5 April 2021. A withdrawal charge does not apply when a withdrawal is made to buy a first home or the investor has a terminal illness.

This means that Lifetime ISA investors will only lose the government bonus earned on the amount they withdraw.

The temporary reduction of the LISA withdrawal charge to 20% will end on 5 April 2021. 

On 6 April 2021, the Lifetime ISA withdrawal charge will go back to 25%.

Find out more Here.

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Email: admin@mphaccountants.co.uk