Transferring LISA

Alexland

I asked about our transfers and they said the below which I hope means that if our transfers do not complete this tax year they won't shrug their shoulders and give up!

Hargreaves_Lansdown wrote:

I can confirm that we are not accepting any Lifetime ISA transfers starting from next tax year. We will continue to process transfer requests that we have already received, but are unable to make any guarantees to whether they will be completed in this tax year.

Alex.

thenewguy

Not surprised by this - the LISA is an absolute nightmare to transfer for the sums involved, and it has to be done within 30 days. SIPPs are much bigger and providers are allowed to take longer.

HTB has been very confusing for providers (especially with transferring banks often filling out forms wrong) and with bonuses and property purchases it’s going to get messier still. I think the number of data items a transferring provider has to fill out on a transfer form is 2x what they have to do for ISAs, and when things are inevitably done wrong it’ll be a nightmare to repair given the (almost) real-time reporting to HMRC.

Don’t be shocked if/when Nutmeg do the same...

Alexland

HL just sent me an update (not that I asked for one) confirming our transfers will complete and leaving the door open for the possibility they will accept LISA transfers in future tax years.

Hargreaves_Lansdown wrote:

I can confirm that as of next year we will not be accepting Lifetime ISA to Lifetime ISA transfers. This is due to the complexities surrounding the Lifetime ISA we have made the business decision to not accept any Lifetime ISA transfers within the 2018/2019 tax year.

However I can confirm that we any LISA to LISA transfers requested in the 2017/2018 tax year, 5 April 2018, will still be processed and transferred over to the Vantage Lifetime ISA.

I was intending to go with Blackrock Consensus 100 but the devil in me is tempted by the HL discount on Lindsell Train Global Equity as I do find all these mixed asset funds very boring in their slow accumulation. Decisions, decisions, sigh.

Alex.