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