Reduce the LISA withdrawal penalty.

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Petition Action

Reduce the LISA withdrawal penalty.

Petition Details

As with when Statutory Instrument 2020 No. 506 gave effect to the temporary reduction in the withdrawal charge between 6 March 2020 and 5 April 2021 (as laid out on 14 May 2020), the Government should reduce the LISA withdrawal charge from 25% to 20%.

Additional Information

It is well established that we are living through a cost of living crisis. Last month, the Consumer Price Index hit 9%, the Consumer Prices Index with Housing hit 7.8%, while the Retail Price Index hit 11.1%. Statutory Instrument 2020 No. 506 was designed to support families and savers who faced furlough and a downturn in the economy in the wake of COVID. I would argue that this challenge to families on an economic scale is even more severe now. The LISA withdrawal penalty should, therefore, be reduced.

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