Lifetime ISA (LISA) withdrawal charges increased to £75.2m in the 2023/24 financial year, up from £54.3m the year before, official figures have revealed.
The charges for unauthorised withdrawals were up almost 40% year-on-year, analysis from Hargreaves Lansdown found. Latest HM Revenue & Customs (HMRC) statistics showed 56,900 people used their LISA to purchase their first home in 2023/24. However, 99,650 people made unauthorised withdrawals during the same period. In total £2.4bn was saved into LISAs during the year. Savers aged over 18 but under 40 can use a LISA to help buy their first home or save for later life. The government adds a 25% bonus to your savings, up to a maximum of £1,000 per year. However, early withdrawal charge...
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