Help to Buy ISA guide

Rich2808

MonicaR wrote: »

Thanks for reply but apologies, perhaps my question wasn!!!8217;t very clear.
I realise I cannot contribute to a help to buy and cash isa (unless with a split isa provider eg Nationwide) But what I want to clarify is if I can withdraw funds from previous years (flexible) isa I already hold and then replace those funds in that isa in addition to funding my different/separate help to buy isa monthly.
Sadly, I do not currently have the full 20k allowance to invest!

Yes – you can replace prior year isa funds held in a flexible isa and also invest in a help to buy isa. You are using two different tax year allowances – and two years flexibility.

What you couldn’t do is invest in a flexible cash isa this year and also invest in a help to buy isa – using 2017-18 funds. Unless of course you are with a split isa provider like Nationwide/RBS/Natwest etc

eskbanker

neilevans wrote: »

I have a 17 year old son who has been saving in a Junior ISA for many years. He now has some £10k saved in total. He wants to start a stocks & shares LISA when he is !8 in June this year to specifically save for a home deposit and wonders if there's any advantage in transferring (if he can) his Junior ISA into this new LISA? Also, we don't understand how, if at all, any transfer would possibly impact on his LISA allowance of £4k pa and his overall ISA allowance of £20k pa. Any help and clarification would be most welcome.

He can transfer up to £4K from JISA into any LISA that accepts inbound transfers in any given tax year - this will count towards the £4K LISA contribution limit (which applies to new money or transferred funds) but wouldn't count towards the £20K annual ISA allowance.

MonicaR

Thanks Rich2808, that was the answer I was hoping for!

athonjon

I'm pleased that a credit union is offering a Help to Buy ISA. The Polish Credit Union (based in Ealing, West London) has a HtB ISA account with an interest rate of 2%. I'm planning to transfer mine over to them in the new tax year.

Just wondering if anyone on here has this account or is with this credit union? And if so, what's the customer service been like?

TheGoodKing

Hi, hopefully someone can help here.

I have a cash isa that i've had for a few years and a HTB isa I opened this year.
After April, can I transfer the old isa in to a new higher interest one, but still pay in to the HTB isa? I won't be paying anything in to the new cash isa - it will just have the transferred money.

Thanks in advance.

Alexland

TheGoodKing wrote: »

I have a cash isa that i've had for a few years and a HTB isa I opened this year. After April, can I transfer the old isa in to a new higher interest one, but still pay in to the HTB isa? I won't be paying anything in to the new cash isa - it will just have the transferred money.

Sure you can transfer old Cash ISAs from previous tax years between providers at any time without it counting as a new contribution. As such you can have a different Cash ISA (such as an HTB ISA) with another provider with active contributions.

Alex.

davobur

My daughter intends to buy a house within the next couple of years. She is not currently living in UK but will return home soon. My question is this: Can she apply for either ISA now and then use this plus bonus when she returns? Basically does she have to be physically in the UK to apply?
Thanks in advance!
Not sure if this is going to right place.

bowlhead99

davobur wrote: »

My daughter intends to buy a house within the next couple of years. She is not currently living in UK but will return home soon. My question is this: Can she apply for either ISA now and then use this plus bonus when she returns? Basically does she have to be physically in the UK to apply?
Thanks in advance!
Not sure if this is going to right place.

She doesn't have to be physically in the UK to apply, though most providers will expect it and she might have to jump through some further hoops to explain herself if she is not.

She does however need to be UK tax resident for 2017/18 in order to subscribe to an ISA in 2017/18, and she needs to be UK resident in 2018/19 if she is going to subscribe to an ISA in 2018/19. When she opens the ISA she will have to declare that she is a UK tax resident for that year.

If she can meet the criteria to be a UK tax resident and wants to be one, it's fine for her to go ahead and make that declaration. But she will then be exposed to paying UK tax on all her worldwide income and gains. She won't be able to say to HMRC, "hey hang on I'm not paying UK tax on my non-UK income, because I'm not a UK resident", when she has signed a document to declare that she definitely *is* a UK resident just to get access to an ISA.

Sydney85

Hi there,

May someone knows answer for my question.
I have HTB ISA account opened. Me and my wife are going to buy a new house soon. House full price is 290000 but we would like to use HTB Equity Loan so mortgage amount is 225000.
Will we get tha ISA bonus or not? Does The government look on house price or mortgage amount?

Regards

eskbanker

Sydney85 wrote: »

I have HTB ISA account opened. Me and my wife are going to buy a new house soon. House full price is 290000 but we would like to use HTB Equity Loan so mortgage amount is 225000.
Will we get tha ISA bonus or not? Does The government look on house price or mortgage amount?

It's house price not mortgage value that counts - bonus award is conditional on the property value being no more than £250K (£450K in London) so if you're not in London then you're out of luck if the property is valued at £290K....