Lifetime ISA withdrawals should cover redundancy and critical illness - TISA

Should Lifetime ISA restrictions be relaxed?

Jenna Towler
clock • 2 min read

Lifetime ISA (LISA) withdrawal events should be expanded to include redundancy and critical illness, according to research from the Tax Incentivised Savings Association (TISA).

Penalty-free access to LISA savings is currently permitted for first-time buyers, when the saver reaches 60 and in the case of terminal illness. However, the financial services organisation believes this should be expanded. Research conducted among 223 industry professionals and members of the public agreed redundancy and critical illness should be included. Members of the general public who took part also thought moving to a bigger house should be included. Industry professionals, TISA said, were opposed to adding additional lifetime events. They warned the product could become...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on ISAs

Time and patience: Will the British ISA revitalise UK equities?

Time and patience: Will the British ISA revitalise UK equities?

'The UK stock market currently navigates choppy waters'

Priscilla Chueng
clock 28 March 2024 • 3 min read
Half of UK adults would consider opening a Great British ISA

Half of UK adults would consider opening a Great British ISA

Current ISA savers most likely to take advantage of the new product

Isabel Baxter
clock 15 March 2024 • 2 min read
Advisers positive that Great British ISA will boost savings

Advisers positive that Great British ISA will boost savings

Almost two thirds say they think it will lead to an increase

Isabel Baxter
clock 11 March 2024 • 1 min read