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Daily Record
Daily Record
Lifestyle
Linda Howard

HMRC confirms 15,000 more first-time buyers used Lifetime ISA to buy dream home in last year

Lifetime ISA HMRC Helen Morrissey Lisa UK Government Hargreaves Lansdown

The latest Lifetime ISA (LISA) statistics from HM Revenue and Customs (HMRC) shows that 50,800 people made withdrawals from their Lifetime ISA account to purchase a home in 2021/22, an increase of 15,000 on the previous year.

The average withdrawal was £13,192 - an increase of £700 over the past 12 months.

Withdrawals from a LISA for any other reason than to purchase a first home worth £450,000 or less or for retirement are hit with a 25 per cent charge.

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