LISA Bonus

Tjeddy
Tjeddy Posts: 1 Newbie
in ISAs & tax-free savings
My son has a HTB ISA, started when the first came, present bal around £6650. Balance at April 2017 £4488. Opened a LISA with Skipton when first started in June 2017 with £1. Planning to transfer HTB to LISA before 5th April 2018, so contributions at 5/4/17 don't form part of 2017/18 allowance. This leaves £2160 approx as part of 2017/18 allowance. If I add around £1800 to make up the £4000 allowance for 2017/18 before 5/4/18, and then add another £4000 for 2018/19 allowance after 6th April 2018, when the LISA is a year old in June 2018, and drawn down for house purchase after June 2018, will he qualify for bonus on full £12400? (£4488 + £4000 + £4000)

Comments

  • eskbanker
    eskbanker Posts: 30,983 Forumite
    First Anniversary Name Dropper Photogenic First Post
    In a word, yes!
  • Owen1991
    Owen1991 Posts: 70 Forumite
    First Anniversary First Post
    yes, the bonus will be paid in by the end of April/mid May 2018, not when you go to draw it out.
    2021 - £11250 Saved || 2020 - £4750 Saved || 2019 - £4000 Saved || 2018 - £9000 Saved
  • eskbanker
    eskbanker Posts: 30,983 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Owen1991 wrote: »
    yes, the bonus will be paid in by the end of April/mid May 2018, not when you go to draw it out.
    Agreed for the bonus relating to 2017/18, but the bonus for the 2018/19 contribution made early in the new tax year will be a month later than that (within 28 days of 5 May)....
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