Lifetime ISA withdrawal charges more than triple during lockdown

clock • 2 min read

Lifetime ISA withdrawal charges have than trebled during lockdown, according to new data gathered by wealth manager, Quilter. Quilter research shows that Lifetime ISA (LISA) early withdrawal charges have more than tripled in a year to £33m in the 2020/21 tax year compared to £10m in 2019/20. A Freedom of Information request shows that over the previous three tax years, a total of £48m has been levied against LISA holders for early withdrawals. In 2018/19 and 2019/20 the withdrawal charges were set at 25% before they were dropped to 20% from 6 March 2020 to 5 April 2021 to help peop...

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Gary Robinson

Commercial Director, Head of Video at International Investment.