You can close your Lifetime ISA at any time, but the impact on your ISA allowance depends on how long the account has been active.
Your Lifetime ISA was opened less than 30 Calendar Days ago:
When you open a Lifetime ISA (LISA), you have a 30-day cooling-off period to decide if it's right for you. During this time, you can cancel your account without any penalties. If you choose to cancel within the 30-day period, we’ll return any contributions you’ve made in full, and your account will be closed as if it was never opened. The interest earned during this period will not be added to your account.
Cancelling your LISA during the cooling-off period will not count towards your annual £4,000 LISA contribution limit or your overall ISA allowance.
Your Lifetime ISA was opened more than 30 Calendar Days ago:
If your Lifetime ISA has been active for more than 30 calendar days, any account closures or withdrawals will be considered Early Withdrawals. (Hyperlink to page). This means that there is going to be a penalty and any potential government bonus you have earned will be lost.
If you'd like to proceed with the closure of your Lifetime ISA, please contact our customer support team directly via the in-app chat or via email to help@withplum.com.
Our operations team will review the details and proceed with the cancellation. Please keep in mind that any money you have invested will be withdrawn back to your Primary Pocket.