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  • FIRST POST
    • Alicat_uk
    • By Alicat_uk 20th Mar 17, 5:18 PM
    • 3Posts
    • 0Thanks
    Alicat_uk
    New Lifetime ISA
    • #1
    • 20th Mar 17, 5:18 PM
    New Lifetime ISA 20th Mar 17 at 5:18 PM
    I'm new to Forums so please forgive any errors.

    The new lifetime ISA as I understand is for 1st time buyers or pensions. My son is talking about opening one of these accounts in April as a saving plan for buying a property. However, he is a trustee (along with me) on his deceased grandmother's flat. Would that make him ineligible? Many thanks

    Alicat
Page 1
    • masonic
    • By masonic 20th Mar 17, 6:45 PM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    • #2
    • 20th Mar 17, 6:45 PM
    • #2
    • 20th Mar 17, 6:45 PM
    Being a trustee would not be a problem. Being a beneficiary might be.
    • Alicat_uk
    • By Alicat_uk 20th Mar 17, 7:59 PM
    • 3 Posts
    • 0 Thanks
    Alicat_uk
    • #3
    • 20th Mar 17, 7:59 PM
    • #3
    • 20th Mar 17, 7:59 PM
    So, do you mean he would not be treated as a 1st time buyer as he has inherited an interest in the flat? Thank you
    • masonic
    • By masonic 20th Mar 17, 8:06 PM
    • 9,126 Posts
    • 6,273 Thanks
    masonic
    • #4
    • 20th Mar 17, 8:06 PM
    • #4
    • 20th Mar 17, 8:06 PM
    So, do you mean he would not be treated as a 1st time buyer as he has inherited an interest in the flat? Thank you
    Originally posted by Alicat_uk
    If he has inherited an interest in the flat, he would not qualify for a penalty free withdrawal to buy property.
    • Alicat_uk
    • By Alicat_uk 20th Mar 17, 9:02 PM
    • 3 Posts
    • 0 Thanks
    Alicat_uk
    • #5
    • 20th Mar 17, 9:02 PM
    • #5
    • 20th Mar 17, 9:02 PM
    Many thanks x
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