Lifetime ISA Clarification

rspeck

Hi

I am a first time buyer and would just like some clarification on the new Lifetime ISA.

I have fully read the updated lifetime ISA article as well as watching the video where Martin explains the scenarios.

I have also read the article which explains how to get the best timing in order to max your Help to Buy and Lifetime ISA savings.

My situation is:

a) I opened a Help to Buy ISA in December 2015 and paid in the initial £1,200 as well as £200 pound regular savings each month up to this date.

b) In October 2016 I then opened a Hargreaves Lansdown Stocks and Share ISA which I have deposited any extra savings that have then been invested into either funds or shares.

c) I am looking to purchase my first home in roughly Easter 2018.

What I would like to know is that if I open a Lifetime ISA on the 6th April and deposit £1, hence starting the clock as to when I can use it towards my first property, will I be able to continue saving into both my Help to Buy ISA as well as my HL Stocks and Shares ISA?

I understand that I can open ISA per tax year and that I must not exceed the saving limit, but can I pay into three separate ones during the same tax year?

I hope I have explained this clearly and I would really appreciate some clarification.

Thanks

Ed-1

rspeck wrote: »

Hi

I am a first time buyer and would just like some clarification on the new Lifetime ISA.

I have fully read the updated lifetime ISA article as well as watching the video where Martin explains the scenarios.

I have also read the article which explains how to get the best timing in order to max your Help to Buy and Lifetime ISA savings.

My situation is:

a) I opened a Help to Buy ISA in December 2015 and paid in the initial £1,200 as well as £200 pound regular savings each month up to this date.

b) In October 2016 I then opened a Hargreaves Lansdown Stocks and Share ISA which I have deposited any extra savings that have then been invested into either funds or shares.

c) I am looking to purchase my first home in roughly Easter 2018.

What I would like to know is that if I open a Lifetime ISA on the 6th April and deposit £1, hence starting the clock as to when I can use it towards my first property, will I be able to continue saving into both my Help to Buy ISA as well as my HL Stocks and Shares ISA?

I understand that I can open ISA per tax year and that I must not exceed the saving limit, but can I pay into three separate ones during the same tax year?

I hope I have explained this clearly and I would really appreciate some clarification.

Thanks

The answer's yes. You can pay into one cash ISA (such as a H2B ISA), one stocks and shares ISA, one innovative finance ISA and one lifetime ISA in the same tax year subject to the overall £20,000 ISA allowance and individual account limits.

rspeck

Thank you for your reply.

If I chose to open a Stocks and Shares Lifetime ISA would this still be the case?

Ed-1

rspeck wrote: »

Thank you for your reply.

If I chose to open a Stocks and Shares Lifetime ISA would this still be the case?

There's no such thing (in law) as a 'stocks and shares Lifetime ISA'.

A Lifetime ISA is a separate type of ISA regardless of what the provider allows you to put in it.