100,000 UK individuals faced £75.2M penalties for unauthorized Lisa withdrawals, increasing 40% in 2023-24.
In the UK, nearly 100,000 individuals faced £75.2 million in penalties for unauthorized withdrawals from Lifetime Individual Savings Accounts (Lisas) in the 2023-24 financial year, marking a 40% increase from the previous year. The penalties arise from withdrawing funds for reasons other than purchasing a first home or retirement. Experts advocate for reforms, including reducing the penalty from 25% to 20% and extending the age limit for opening a Lisa to 55.
September 19, 2024
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