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Transfer from Lifetime ISA
CharlotteA20
Posts: 1 Newbie
I understand that if you withdraw any more from a Lifetime ISA that's not for a house deposit you lose 25% back from the government. However, I can't find anything online if it will effect the rest of the money in the ISA.
Say I wanted to withdraw 10% of my full ISA savings (to help pay off debt/overdraft/bills then meaning my financial situation will be back on track and I can start saving again) while I will lose some money from the withdrawal, will the rest left in my ISA be effected? Thanks
Say I wanted to withdraw 10% of my full ISA savings (to help pay off debt/overdraft/bills then meaning my financial situation will be back on track and I can start saving again) while I will lose some money from the withdrawal, will the rest left in my ISA be effected? Thanks
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Comments
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Any withdrawal from a LISA (other than for a qualifying first property purchase or after 60) is subject to a penalty of 25% of the amount withdrawn, but the remaining account balance is unaffected by that.1
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