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.

This petition closed on 30 May 2024 with 35 signatures

Download petition CSV
Reticulating Splines

You may be interested in these active petitions

1. Put a referendum to Wales asking "Do you want to reduce the number of MSs from 96 to 40?" - 5,638 signatures
2. Introduce a national strategy to tackle the cat overpopulation and rescue crisis - 19,263 signatures
3. Ban supermarkets from throwing away food and drink that is safe to consume - 3,072 signatures
4. Start negotiations now to Rejoin the EU - 13,110 signatures
5. Fund a public health campaign to reduce the stigma of suicide - 2,080 signatures
Official Petition Site

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.


Petition Signatures over time

Constituency Data

Reticulating Splines