Savers using Lifetime ISAs (Lisas) are facing substantial penalties for withdrawing their money, with some charged up to £11,000, according to data obtained from HM Revenue & Customs (HMRC). The new Labour Government is now under pressure to scrap these tax penalties for first-time buyers in the upcoming Autumn Budget. LISAs, which are designed to help people save for their first home or retirement, impose a 25 per cent charge on unauthorised withdrawals. This penalty not only removes the Government bonus but also takes a portion of the saver’s own funds. The issue has gained attention as hous…