Lifetime ISAs guide
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Hi
Apologies if this has already been answered.
How does the bonus scheme work?
If I put £4k into my LISA on the 1st April 2017 and another £4k on 1st May which are two different tax years. When can I 'claim' the £2k bonus? Do I have to wait until the0 -
... end of that tax year e.g. April 19?0
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Sorry that should have been 1st April 18 and 1st May 2018.0
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Sorry, for the sake of clarity. If I put £4k in my LISA on 1st April 2018 and £4k on 1st May 2018. My fund manager can claim for the period and therefore full £8k to 6th May 2018 (which will be the subsequent claim period)?0
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Sorry, for the sake of clarity. If I put £4k in my LISA on 1st April 2018 and £4k on 1st May 2018. My fund manager can claim for the period and therefore full £8k to 6th May 2018 (which will be the subsequent claim period)?0
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By March '18 I'll have £5,800 in my Help To Buy ISA. I'll transfer that into my LISA (opened today with £1) and add £1,799 to make the £4,000 allowance (£3,600 saved before 06/04/17 so only £2,200 towards the LISA allowance).
I work out that would give me £1,900 bonus on £7,600 but won't be accessible until 14/06/18 (a year after opening LISA).
So say I bought a house exactly one year from today - between April and June of 2018, could I deposit another £4,000 from my savings account as this would be into the 18/19 year? So I'd have £11,600.
Basically, can you get the whole year's bonus even if you've only held it a couple months (into the second year)?0 -
Blades1071 wrote: »By March '18 I'll have £5,800 in my Help To Buy ISA. I'll transfer that into my LISA (opened today with £1) and add £1,799 to make the £4,000 allowance (£3,600 saved before 06/04/17 so only £2,200 towards the LISA allowance).
I work out that would give me £1,900 bonus on £7,600 but won't be accessible until 14/06/18 (a year after opening LISA).
So say I bought a house exactly one year from today - between April and June of 2018, could I deposit another £4,000 from my savings account as this would be into the 18/19 year? So I'd have £11,600.
Basically, can you get the whole year's bonus even if you've only held it a couple months (into the second year)?
Yes it's a bonus, not interest. Interest is calculated on how long you've held the money; the bonus is calculated on how much you put in.0 -
That's great for us - strange though that you could just deposit £4,000 one day and the next day it would be effectively worth £5,0000
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Blades1071 wrote: »That's great for us - strange though that you could just deposit £4,000 one day and the next day it would be effectively worth £5,000
I take it you don't have a pension? That's exactly how they work, except the 25% bonus (for basic rate and non-taxpayers) and 67% bonus (for higher rate taxpayers) is called 'tax relief'.0
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