Find out how you should manage Lifetime ISAs including payments, transfers and withdrawals.
To help people who need access to their money during coronavirus (COVID-19), the charge on unauthorised withdrawals from Lifetime ISA (LISA) has been temporarily reduced.
A Lifetime ISA is an individual savings account that can be used to save towards the purchase of a first home or to save for later life. Lifetime ISAs differ from other ISAs in that:
- individuals are eligible for a government bonus worth 25% of what they save
- there is a 25% withdrawal charge if individuals take money out of their Lifetime ISA and do not use it for its intended purpose
- there is an annual Lifetime ISA payment limit in each tax year of £4,000
- individuals must be aged 18 to 39 to open a Lifetime ISA
- there are additional information requirements when transferring Lifetime ISAs between Lifetime ISA managers
- there are additional digital reporting requirements for Lifetime ISA managers
Apply to be a Lifetime ISA manager
You can apply to be a Lifetime ISA manager online.
Once you are a Lifetime ISA manager
Read the guidance on managing Lifetime ISA applications and accounts.
Find out about transferring Lifetime ISAs to a new Lifetime ISA manager or another type of ISA.
Check when withdrawal charges apply.
Read about withdrawals for first time residential purchase.
Find out how to close or cancel a Lifetime ISA.