A formation tool is used for deforming sheet metal on punching machines. The formation tool has an upper or top die tool and a lower or bottom die tool. Toward the top die, there is an upper mold insert movable relative to a holding-down device, and toward the bottom die, a lower mold insert movable relative to a stripper plate. The deformation of the metal sheet is effected upward with respect to a punching stroke plane. The formation tool has a lifting device for aiding in lifting the lower mold insert from an initial position which is at or below the punch stroke plane before a deforming operation, to a level above the punching stroke plane.