Lifetime ISAs guide

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  • masonic
    masonic Posts: 23,275 Forumite
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    Heroine86 wrote: »
    Hello,
    Im sorry if someone asked this question already...
    Can i have and pay into it in the same tax year Help to buy CASH ISA and Lifetime CASH ISA?
    Thank you.
    Cash ISAs and LISAs are different types of ISA. There is only one type of LISA, so yes you can pay into both.
  • Heroine86
    Heroine86 Posts: 9 Forumite
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    What do you mean by there is only one type of Lifetime ISA? Sorry :/
  • Ed-1
    Ed-1 Posts: 3,891 Forumite
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    Heroine86 wrote: »
    What do you mean by there is only one type of Lifetime ISA? Sorry :/

    In law, there are 4 types of ISA, each of which you can pay into one of in each tax year.

    These are a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA.

    The Lifetime ISA was provided for by these regulations, amending the Individual Savings Account Regulations 1998:

    http://www.legislation.gov.uk/uksi/2017/466/contents/made

    A Help to Buy ISA is defined to be a special case of a cash ISA.

    A Lifetime ISA is not - it's a separate type of ISA in the legislation - but it can contain cash (or stocks and shares).
  • Heroine86
    Heroine86 Posts: 9 Forumite
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    Thank you both for your help. I will continue to pay into help to buy and wait till June to open Lifetime one.
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Heroine86 wrote: »
    Hello,
    Im sorry if someone asked this question already...
    Can i have and pay into it in the same tax year Help to buy CASH ISA and Lifetime CASH ISA?
    Thank you.
    Heroine86 wrote: »
    Thank you both for your help. I will continue to pay into help to buy and wait till June to open Lifetime one.
    Worth reading http://www.moneysavingexpert.com/savings/lifetime-ISAs#property6 (and the rest of that whole page) to learn about using HTB then LISA, with the various limitations involved in doing so, such as 2017/18 HTB contributions counting towards the £4K LISA allowance.
  • Heroine86
    Heroine86 Posts: 9 Forumite
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    eskbanker wrote: »
    Worth reading [...](and the rest of that whole page) to learn about using HTB then LISA, with the various limitations involved in doing so, such as 2017/18 HTB contributions counting towards the £4K LISA allowance.
    Thank you Ive read that one but coudnt find anything about both accounts set as Cash ISA.
  • adonis10
    adonis10 Posts: 1,810 Forumite
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    I have a s&s ISA with Hargreaves Lansdown currently and am considering opening a LISA and wonder if I do so with HL, can it be used to invest in funds/shares alongside my current s&s ISA? I am thinking no as one can only open one of each type of ISA (cash, s&s etc.).
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    adonis10 wrote: »
    I have a s&s ISA with Hargreaves Lansdown currently and am considering opening a LISA and wonder if I do so with HL, can it be used to invest in funds/shares alongside my current s&s ISA? I am thinking no as one can only open one of each type of ISA (cash, s&s etc.).
    Given your 'etc', you should be thinking 'yes', see post #544 above....
  • adonis10
    adonis10 Posts: 1,810 Forumite
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    eskbanker wrote: »
    Given your 'etc', you should be thinking 'yes', see post #544 above....

    Makes sense. So, effectively, I could pay into the same fund in both the s&s isa and the lisa?
  • ian-d
    ian-d Posts: 371 Forumite
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    adonis10 wrote: »
    Makes sense. So, effectively, I could pay into the same fund in both the s&s isa and the lisa?

    Yes, they are two different products; what you do within them is entirely up to you.
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