HMRC takes £56million from savers through Lifetime ISA withdrawal penalties

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GB News

HMRC takes £56million from savers through Lifetime ISA withdrawal penalties

HM Revenue and Customs (HMRC) has taken more than £56million directly from savers through Lifetime ISA withdrawal penalties since 2018, an analysis of Government data has revealed. A record 129,200 account holders made unauthorised withdrawals during the 2024-25 tax year, up from 99,700 the previous year. The figures have prompted criticism from the savings industry, with Luke Kosky, of Freetrade, describing the Li…