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  • FIRST POST
    • List Maker
    • By List Maker 15th Jun 17, 1:13 PM
    • 23Posts
    • 8Thanks
    List Maker
    ISA Question
    • #1
    • 15th Jun 17, 1:13 PM
    ISA Question 15th Jun 17 at 1:13 PM
    Hiya

    Just a quick question.

    Both me and my partner have a cash LISA, I have filled mine for this year, yet he won't be making a dent in it till next year. Wanted to get them open to start the countdown.
    If I gave him the money for him to then put into his LISA, would that be allowed?
    We are looking to buy a house together, neither of us has owned a house before.
    I trust him not to run off with it lol!
Page 1
    • Linton
    • By Linton 15th Jun 17, 1:19 PM
    • 7,971 Posts
    • 7,780 Thanks
    Linton
    • #2
    • 15th Jun 17, 1:19 PM
    • #2
    • 15th Jun 17, 1:19 PM
    You can give your money to whoever you want. They can do whatever they want with it.
    • eskbanker
    • By eskbanker 15th Jun 17, 1:21 PM
    • 5,008 Posts
    • 4,758 Thanks
    eskbanker
    • #3
    • 15th Jun 17, 1:21 PM
    • #3
    • 15th Jun 17, 1:21 PM
    Yes, you can gift him money to pay into his, although when the only cash LISA pays a paltry 0.5% interest, it's likely that the money can be put to better use elsewhere until the very end of the tax year, so opening the LISA with a token amount only (for now) ought to be considered....
    • List Maker
    • By List Maker 15th Jun 17, 2:04 PM
    • 23 Posts
    • 8 Thanks
    List Maker
    • #4
    • 15th Jun 17, 2:04 PM
    • #4
    • 15th Jun 17, 2:04 PM
    Thanks both. Apparently Skipton are looking to close applications for transfers into the LISA before the Apr 18 cut off, so would rather have it there. In it for the bonus rather than the int rate.
    • bowlhead99
    • By bowlhead99 15th Jun 17, 2:34 PM
    • 6,487 Posts
    • 11,455 Thanks
    bowlhead99
    • #5
    • 15th Jun 17, 2:34 PM
    • #5
    • 15th Jun 17, 2:34 PM
    Thanks both. Apparently Skipton are looking to close applications for transfers into the LISA before the Apr 18 cut off, so would rather have it there. In it for the bonus rather than the int rate.
    Originally posted by List Maker
    Well,
    a) they have not said they are looking to close applications for transfers just that they reserve the right to do that
    b) "transfers in" refers to transfers of existing ISA money rather than new deposits
    c) even if they did close to transfers they can't stop you transferring out to someone else who does accept transfers.

    I do agree that if there's a chance you will need to buy a property together in summer 2018 it makes sense to get the closing started on having the product open twelve months before that, to qualify to be able to use the LISA bonus. However, as your partner is not going to be able to "make a dent in it until next year" it might be somewhat optimistic to think you'll be buying next summer? And if you're not going to be buying next summer the is no hurry to have the account open this summer to serve your twelve months.

    I suppose it can't hurt to do it now in case one of you gets an unexpected lottery win or inheritance and is ready to move earlier than planned.
    • darkidoe
    • By darkidoe 15th Jun 17, 9:01 PM
    • 791 Posts
    • 892 Thanks
    darkidoe
    • #6
    • 15th Jun 17, 9:01 PM
    • #6
    • 15th Jun 17, 9:01 PM
    Hiya

    Just a quick question.

    Both me and my partner have a cash LISA, I have filled mine for this year, yet he won't be making a dent in it till next year. Wanted to get them open to start the countdown.
    If I gave him the money for him to then put into his LISA, would that be allowed?
    We are looking to buy a house together, neither of us has owned a house before.
    I trust him not to run off with it lol!
    Originally posted by List Maker
    Give him a pound to get the Skipton Cash LISA open to start the clock. Sort the rest later in March 2018.

    Save 12K in 2017 # 9 £6036.65/15 000 (40.24%)
    Save 12K in 2016 # 8 £19 721.58/12 000 (164.35%) Achieved!
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