Individual Savings Accounts: Fines

(asked on 13th December 2023) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the adequacy of penalties imposed for unauthorised withdrawals from lifetime ISAs.


Answered by
Bim Afolami Portrait
Bim Afolami
Economic Secretary (HM Treasury)
This question was answered on 20th December 2023

The Government has no current plans to remove or reduce the LISA withdrawal charge.

However, the Government keeps all aspects of the savings tax regime under review, and any changes would be announced at a fiscal event.

Reticulating Splines