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

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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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