HMRC has amended the Lifetime ISA withdrawal charge policy to allow first-time property buyers to access their savings without the standard penalty when purchasing a home above the standard property price threshold. The change applies to qualifying first-time buyers who would otherwise face charges when withdrawing funds for property purchases that exceed the set price cap. This policy adjustment aims to make homeownership more accessible for first-time buyers in higher-priced property markets while maintaining the Lifetime ISA scheme’s core objectives.
Source: HMRC (GOV.UK) – Read the original