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    • Archiethere
    • By Archiethere 13th Nov 17, 5:01 PM
    • 7Posts
    • 3Thanks
    Archiethere
    Transferring from H2B ISA To LISA
    • #1
    • 13th Nov 17, 5:01 PM
    Transferring from H2B ISA To LISA 13th Nov 17 at 5:01 PM
    Hi, I opened a stocks and shares LISA on 19-04-17 with a £1 contribution. I wish to open a cash LISA and transfer my H2B ISA in to it, as well as my other savings. I have around £4000 in my H2B ISA at the moment and £3000 in a savings account.

    Ideally Iím looking at purchasing a property next may/June so I donít want to tie my cash up beyond that ken possible.

    I have a couple of questions, If I open a cash LISA will I have to wait another year before I can claim the bonus or will it go from the 19-4-17? Also if I transfer before April next year does some of my savings not count towards the 4K limit? Any help is appreciated.
Page 1
    • eskbanker
    • By eskbanker 13th Nov 17, 7:36 PM
    • 5,815 Posts
    • 5,707 Thanks
    eskbanker
    • #2
    • 13th Nov 17, 7:36 PM
    • #2
    • 13th Nov 17, 7:36 PM
    Hi, I opened a stocks and shares LISA on 19-04-17 with a £1 contribution. I wish to open a cash LISA
    Originally posted by Archiethere
    First things first - you can only pay new money into one LISA per tax year, so if you've already contributed to an S&S one you need to ensure you transfer it to the cash one rather than simply opening the latter and paying in.

    Ideally Iím looking at purchasing a property next may/June so I donít want to tie my cash up beyond that ken possible.

    I have a couple of questions, If I open a cash LISA will I have to wait another year before I can claim the bonus or will it go from the 19-4-17?
    Originally posted by Archiethere
    The minimum period of one year to hold a LISA is unrelated to bonus payment so you'll receive 25% of whatever is in the LISA as at the end of the tax year within about a month. Changing LISA providers doesn't reset the clock so you'll be able to use your LISA money from 19 April 2018.

    Also if I transfer before April next year does some of my savings not count towards the 4K limit?
    Originally posted by Archiethere
    Yes - HTB money paid in before the current tax year (and interest earned but not paid by then) is exempt, but everything else counts towards the £4K limit. The £4K limit resets on 6 April 2018 though, so you can pay in anything you have left from then, and you'd get the bonus the following month.
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