Lifetime ISA Withdrawal charge reduced

Written by yasiradnan94
21 August 2020

In order to help investors access to cash during the pandemic, the Government has reduced the withdrawal charge from 25% to 20%. This is temporary and applies from 6th March 2020 to 5th April 2021 and the investor can withdraw all funds if required.

The withdrawal charge is not applicable when a withdrawal is made to purchase a first time home or if the investor has terminal illness. Thus account holders will only have have to pay back any government bonus they have received but will not be subjected to the additional 5% additional withdrawal charge.

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