Lifetime ISAs guide

King_Of_Fools

Yurona wrote: »

25% extra is a lot of money, so would hate to miss it. I intend to use it as extra for retirement, additional to my pension ( not a first time buyer anymore).

I assume you know but in case you do not you can already get between 25% and 82% extra (depending on how much you earn) from the government by putting the money into your pension instead of a LISA.

P1Fanatic

Yurona wrote: »

Hi,
I'll be 40 end of April, so will need to move fast. i would prefer a cash LISA, but it doesn't look as if there will be any on the market in time. Does anybody know if it will be possible to transfer a shares/investments LISA into a cash one later one ( which will be after I've turned 40)? 25% extra is a lot of money, so would hate to miss it. I intend to use it as extra for retirement, additional to my pension ( not a first time buyer anymore).

That is my hope. Although with the crap interest rates I am actually tempted to have a dabble in stocks & shares version. I have emailed Hargreaves Lansdown for more info as the LISA factsheet on their website is generic govt stuff and I want to know exactly when I can apply for/ open a LISA with them.

Yurona

I assume you know but in case you do not you can already get between 25% and 82% extra (depending on how much you earn) from the government by putting the money into your pension instead of a LISA

Yes, but my bonus gets paid in March - during a good year, that can put me into "tapered annual allowance" territory, so I need to be careful with my pension contributions...

Pembsflyer

further to this can you max out the LISA in year one 4k and max out the Help to buy isa during the 2017-2018 tax year 3.4k and amalgamate the two in the fist days of April 2018. Thus getting 25% uplift on 7.8k in the first year?

Ed-1

Pembsflyer wrote: »

further to this can you max out the LISA in year one 4k and max out the Help to buy isa during the 2017-2018 tax year 3.4k and amalgamate the two in the fist days of April 2018. Thus getting 25% uplift on 7.8k in the first year?

Anything saved in the Help to Buy ISA up until 5th April 2017 can be transferred into a LISA and not count towards the £4k LISA limit. Anything saved in the Help to Buy ISA from 6th April 2017 onwards and transferred across to LISA reduces the £4k LISA limit by the amount transferred.

Rich2808

In the Times money section yesterday there was some speculation - perhaps purely that - that the launch of the Lifetime ISA might be delayed or even the age 40 limit would be increased in the budget on Wednesday.We shall wait and see.

veryintrigued

Rich2808 wrote: »

In the Times money section yesterday there was some speculation - perhaps purely that - that the launch of the Lifetime ISA might be delayed or even the age 40 limit would be increased in the budget on Wednesday.We shall wait and see.

Is it this article?

http://www.thetimes.co.uk/article/the-lisa-its-a-bit-of-a-dogs-dinner-06bb709vw

I can't see any reference to over 40s if it is - maybe it's a different article?

What is useful is that Nationwide will definitely be offering one.

Ed-1

veryintrigued wrote: »

Is it this article?

http://www.thetimes.co.uk/article/the-lisa-its-a-bit-of-a-dogs-dinner-06bb709vw

I can't see any reference to over 40s if it is - maybe it's a different article?

What is NOT useful is that Nationwide will definitely NOT be offering one

Corrections

veryintrigued

Ed-1 wrote: »

Corrections

So The Times is wrong?

Would've thunk it.

Ed-1

veryintrigued wrote: »

So The Times is wrong?

Would've thunk it.

No the Tmes is right. Read it again.