Policy paper

Lifetime Individual Savings Account: Reduction of withdrawal charge in response to coronavirus (COVID-19)

This tax information and impact note is about the reduction in charges for unauthorised withdrawals from Lifetime ISAs during the period 6 March 2020 to 5 April 2021.

• From: HM Revenue & Customs
• Published: 14 May 2020
• Last updated: 25 March 2021
  Show all updates

  1. 25 March 2021

     Updated Exchequer impact table with values for years 2019/20 to 2024/25.

  2. 14 May 2020

     First published.

Documents

Lifetime Individual Savings Account: Reduction of withdrawal charge in response to coronavirus (COVID-19)

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The government announced on 1 May 2020 that those who want to access their Lifetime ISAs will pay a reduced withdrawal charge. The reduced charge of 20% will apply to unauthorised withdrawals made between 6 March 2020 and 5 April 2021 inclusive.