LISA0102

Written evidence submitted by Anonymous

The Lifetime ISA is no longer fit for purpose. I saved into the scheme from its opening (where I transferred a Help to Buy ISA in during the penalty free period) until around 2019. I work in a hospital in London and cannot find anywhere to buy within the LISA threshold that is within a reasonable commute to my job. Hence, I’m facing a hefty withdrawal penalty to access my own money to put towards my first house purchase. Could you please consider removing the withdrawal penalty (with refund of the Government bonus) or scrap the scheme entirely – it is no longer fit for purpose.

January 2025