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Reduce the Lifetime ISA withdrawal charge to 20%

Submitted on Wednesday 18th January 2023

Rejected on Monday 27th February 2023

Current status: Rejected

Rejection code: duplicate (see below for details)

Petition Action

Reduce the Lifetime ISA withdrawal charge to 20%

Petition Details

Lifetime ISA is designed to help people save for their first home. Withdrawing from it for other reasons incurs a penalty charge of 25%, leading people to lose money. With the cost of living crisis, the government should reduce the charge to 20% as previously done during the 2020 pandemic year.

Additional Information

More and more families are struggling to meet the cost of living and need emergency access to their savings. They can't afford to lose more through this penalty, and reducing the charge will help to reduce their stress. The shocking statistics and the challenges faced by people are well detailed in the following article: https://inews.co.uk/inews-lifestyle/money/property-and-mortgages/lifetime-isas-unable-access-savings-withdrawal-fees-more-gonverment-bonus-1937644


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This petition was rejected

The Government e-Petitions Team gave the following reason:

There's already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.

You are more likely to get action on this issue if you sign and share a single petition.

You may wish to sign this petition which calls for the same action: petition.parliament.uk/petitions/625746

Have your say on this petition!

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