Transfer HTB > new LISA & use HTB bonus this year?
weather83
Posts: 17 Forumite
On the MSE LISA page, on the section about HTB to LISA transfers it says:
I'm interpreting this to mean:
Is that right? I can't find any other reference to this, apart from on the MSE site.
If the above is correct, can I keep the LISA as pension savings and still get the govt bonus when I'm 60? Will there be any penalties?
Thanks!
In fact, you'll still be eligible to claim the bonus on the Help to Buy ISA part, as provided you transferred it into a LISA (as opposed to shutting the account), you have a one-off 12-month window to use your Help to Buy ISA closure documents !!!8211; the provider will give you these when you transfer !!!8211; for your conveyancer to claim the Help to Buy ISA bonus.
I'm interpreting this to mean:
- I have, say, £4K in my HTB (so currently eligible for a 1K bonus)
- I transfer the HTB into a new LISA this month
- I buy a house in 6 months time
- I can get the £1K HTB bonus
Is that right? I can't find any other reference to this, apart from on the MSE site.
If the above is correct, can I keep the LISA as pension savings and still get the govt bonus when I'm 60? Will there be any penalties?
Thanks!
0
Comments
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Well it's certainly not in the spirit of the rules but I agree it looks possible. You would get a HTB closure statement as a result of the LISA transfer (this has been confusing a few posters) which your solicitor could use for 12 months to draw the HTB bonus for your property.
Meanwhile in your, presumably S&S, LISA you would get a 25% bonus added in April/May based on your HTB ISA transfer and you can start drawing upon those investments at 60 without penalty.
Sneaky,
Alex0
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