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  • FIRST POST
    • norm_
    • By norm_ 30th Dec 17, 12:45 PM
    • 152Posts
    • 97Thanks
    norm_
    Why are Skipton saying "You can only open one Lifetime ISA per tax year."
    • #1
    • 30th Dec 17, 12:45 PM
    Why are Skipton saying "You can only open one Lifetime ISA per tax year." 30th Dec 17 at 12:45 PM
    I've searched around and surprised this hasn't been asked more already.



    How are you supposed to transfer an existing LISA if you can't open two in one year?

    I thought the rules surrounded paying in to accounts, not opening them anyway.
Page 1
    • le loup
    • By le loup 30th Dec 17, 1:11 PM
    • 3,737 Posts
    • 3,681 Thanks
    le loup
    • #2
    • 30th Dec 17, 1:11 PM
    • #2
    • 30th Dec 17, 1:11 PM
    Oh you can. But you can't subscribe to more than one. Same as ordinary ISAs.
    • Alexland
    • By Alexland 30th Dec 17, 1:15 PM
    • 1,595 Posts
    • 1,099 Thanks
    Alexland
    • #3
    • 30th Dec 17, 1:15 PM
    • #3
    • 30th Dec 17, 1:15 PM
    I agree but that message doesn't stop you pushing the continue button. Their how to transfer-in a LISA webpage suggests you already need to open their account before initiating a transfer. Suggest you phone them if unsure.
    • AirlieBird
    • By AirlieBird 30th Dec 17, 1:40 PM
    • 834 Posts
    • 646 Thanks
    AirlieBird
    • #4
    • 30th Dec 17, 1:40 PM
    • #4
    • 30th Dec 17, 1:40 PM
    ISA regulations don't regard an ISA as open until money is placed in it.
    • Spir4
    • By Spir4 9th Feb 18, 11:17 AM
    • 2 Posts
    • 0 Thanks
    Spir4
    • #5
    • 9th Feb 18, 11:17 AM
    • #5
    • 9th Feb 18, 11:17 AM
    Hi,

    Sorry to hijack this thread, but it's related.
    Skipton offers a cash Lifetime ISA. A Help to Buy ISA is a cash ISA as well. Does this mean you can't open both in the same year? Or is Skipton's cash Lifetime ISA not defined as a cash ISA?

    Thanks!
    • eskbanker
    • By eskbanker 9th Feb 18, 12:17 PM
    • 6,263 Posts
    • 6,336 Thanks
    eskbanker
    • #6
    • 9th Feb 18, 12:17 PM
    • #6
    • 9th Feb 18, 12:17 PM
    Lifetime ISAs are a category in their own right, as per https://www.gov.uk/individual-savings-accounts:
    There are 4 types of ISA:
    • cash ISAs
    • stocks and shares ISAs
    • innovative finance ISAs
    • Lifetime ISAs
    You can put money into one of each kind of ISA each tax year.
    • Spir4
    • By Spir4 9th Feb 18, 1:13 PM
    • 2 Posts
    • 0 Thanks
    Spir4
    • #7
    • 9th Feb 18, 1:13 PM
    • #7
    • 9th Feb 18, 1:13 PM
    That's what I thought, but just to be safe

    Thanks!
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