Partial wihdrawal from Lifetime ISA?

Chris147york

My son has approx £16k in a LISA.  Unfortunately, he needs to apply for PIP.  This is affected by savings.  Can he withdraw some money from the LISA, obviously paying 25% back of this amount? Or will he need to cancel the whole LISA? TIA

chapea

Savings of any kind are not affected by PIP.  It is not a means tested benefit 

eskbanker

Chris147york said:

Can he withdraw some money from the LISA, obviously paying 25% back of this amount? Or will he need to cancel the whole LISA? TIA

In terms of the LISA rules (as opposed to what he's trying to achieve), he can indeed withdraw any amount from that, and, unless he's over 60 or buying a first property, a 25% penalty will be applied to the amount withdrawn.