PARLIAMENTARY WRITTEN QUESTION
Individual Savings Accounts (17 July 2020)

In line with the practice of successive administrations, details of ministerial discussions are not normally disclosed.

The government keeps all aspects of savings and tax policy under review as part of the process of policy development and delivery. The government has recently amended the terms of the Lifetime ISA to support savers during the COVID-19 pandemic. On 1 May 2020 the government announced that the Lifetime ISA withdrawal charge will be reduced temporarily to 20% from 25% for any unauthorised withdrawal made between 6 March 2020 and 5 April 2021 recouping the government bonus and any interest or growth that may have accrued on that bonus, but with no further charge.