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Partial wihdrawal from Lifetime ISA?
Chris147york
Posts: 1 Newbie
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
0
Comments
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Savings of any kind are not affected by PIP. It is not a means tested benefit3
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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any amount from that, and, unless he's over 60 or buying a first property, a 25% penalty will be applied to the amount withdrawn.Chris147york said:Can he withdraw some money from the LISA, obviously paying 25% back of this amount?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? TIA1
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