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Allow pentalty-free withdrawals from Lifetime ISAs during the coronavirus.

Submitted by Ellis Harris-Boulter on Tuesday 17th March 2020

Published on Tuesday 7th April 2020

Current status: Closed

Closed: Wednesday 7th October 2020

Signatures: 40

Relevant Departments

Tagged with

Covid ~ Covid-19 ~ Money ~ Penalty ~ The Government ~ virus

Petition Action

Allow pentalty-free withdrawals from Lifetime ISAs during the coronavirus.

Petition Details

Many people have savings locked away in a Lifetime ISA saving for their first homes and retirement. However, currently there is a 25% penalty for any withdrawals other than for those purposes. Freezing this penalty would help people to withdraw money to deal with the consequences of the Coronavirus

Additional Information

The government is making lots of changes to help with the virus, but this would be a relatively easy move to help people. People shouldn't be penalised for withdrawing funds due to an unprecedented emergency.


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35.170.78.142 Sat, 24 Oct 2020 16:07:12 +0100