Why are Skipton saying "You can only open one Lifetime ISA per tax year."

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norm_
norm_ Posts: 187 Forumite
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in ISAs & tax-free savings
I've searched around and surprised this hasn't been asked more already.

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How are you supposed to transfer an existing LISA if you can't open two in one year?

I thought the rules surrounded paying in to accounts, not opening them anyway. :huh:

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  • le_loup
    le_loup Posts: 4,047 Forumite
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    Oh you can. But you can't subscribe to more than one. Same as ordinary ISAs.
  • Alexland
    Alexland Posts: 9,653 Forumite
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    I agree but that message doesn't stop you pushing the continue button. Their how to transfer-in a LISA webpage suggests you already need to open their account before initiating a transfer. Suggest you phone them if unsure.
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
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    ISA regulations don't regard an ISA as open until money is placed in it.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
  • Spir4
    Spir4 Posts: 80 Forumite
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    Hi,

    Sorry to hijack this thread, but it's related.
    Skipton offers a cash Lifetime ISA. A Help to Buy ISA is a cash ISA as well. Does this mean you can't open both in the same year? Or is Skipton's cash Lifetime ISA not defined as a cash ISA?

    Thanks!
  • eskbanker
    eskbanker Posts: 31,034 Forumite
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    Lifetime ISAs are a category in their own right, as per https://www.gov.uk/individual-savings-accounts:
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.
  • Spir4
    Spir4 Posts: 80 Forumite
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    That's what I thought, but just to be safe :)

    Thanks!
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