We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
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
0
Comments
-
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a LISA (other than for a qualifying first property purchase or after 60) is subject to a penalty of 25% of the amount withdrawn, but the remaining account balance is unaffected by that.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards