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Transfers in the Skipton Lifetime ISA
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Hi guys,
me and my girlfriends transfers went through but we have find two different situations:
- I had my Help to buy ISA in Barclays where they were paying interest to me monthly. Once my money arrive toSskipton, my remaining ISA allowance changed to £17,999.00 (the £2000 I put in my Help to buy plus £1 pound when I open my Lifetime ISA). As I spected, interest paid into my Help to buy Isa didn't count towards my allowance.
- My girlfriend had a Help to buy ISA in NationWide where they were paying interest anually. When her money arrive to skipton, her remaining ISA allowance changed to £17,952... (the £2000 she put in her Help to buy plus £1 pound when she open her Lifetime ISA plus £46...?). She has no other ISAs and the only extra payment into the Help to buy Isa was the interest added in January (£48.. not even the same they took extra).
I have found this in the Skipton LISA T&Cs:
"You can only transfer once from a Help to Buy ISA without affecting your Lifetime ISA allowance. If you transfer your Help to Buy ISA to a Lifetime ISA in the 2017/18 tax year, you can transfer the balance as at 5 April 2017, plus any interest earned, and the amount transferred won!!!8217;t count towards your 2017/18 Lifetime ISA subscription limit of £4,000.
Any payments into, or interest added to your Help to Buy ISA after 5 April 2017 which you then transfer to a Lifetime ISA will be treated as part of your annual Lifetime ISA allowance."
Is that right? I though interest paid didn't count towards your allowance regardless of the year (as it happened in my transfer). Can you guys see what criteria they applied in yours? I have tried to get in contact with Skipton and Nationwide but they keep sending me back and forth.
Kind regards0
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