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Early withdrawal penalty for LISA
Comments
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Can someone help me please. I am trying to encourage my son to open a stocks and shares LISA.
One question I cannot find the answer concerns early withdrawals.
I understand that there is a 25% penalty on the initial sum but say for example you invest £5000 (4+1) in stocks and shares and this doubles overtime to £10000. If you then have to withdraw it early is the penalty on the full £10000 or just the initial £5000.
Thanks in anticipation0 -
It's a withdrawal penalty, charged at 25% of any withdrawal made.Gene_Meanie said:Can someone help me please. I am trying to encourage my son to open a stocks and shares LISA.
One question I cannot find the answer concerns early withdrawals.
I understand that there is a 25% penalty on the initial sum but say for example you invest £5000 (4+1) in stocks and shares and this doubles overtime to £10000. If you then have to withdraw it early is the penalty on the full £10000 or just the initial £5000.
Thanks in anticipation1
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