Individual Savings Accounts
Commons · Question 7371 · Tabled 4 Oct 2024 · Treasury · Official record
Answered 14 Oct 2024
Question
Asked by Ben Coleman
To ask the Chancellor of the Exchequer, if she will (a) increase the Lifetime ISA property value limit and (b) reduce the early access penalty for Lifetime ISAs at the next Budget.
Answer
Answered by Tulip Siddiq, 14 Oct 2024
Data from the latest UK House Price Index demonstrates that the average price paid by first-time buyers remains below the LISA property price cap in all regions of the UK.Any unauthorised withdrawals are subject to a 25% withdrawal charge. This recoups th...