6k+ Help to buy ISA transfer to LISA

Leedslad8t6

Urgently need some clarity on the below.

Opened a HTB ISA feb 2016, currently has 6K+ in it.
I also have a LISA with 4k in.

Have only just become aware of the transfer opportunity and have heard conflicting information. (Deadlines with Skipton)

Would I be better off transferring the entire balance (6k+) of my HTB ISA to my LISA?

I would rather not move/lock up the entire balance if it means anything over 4k from the HTB ISA gets no 25% bonus.

My current HTB ISA pays 3.5% but I understand that soon any contributions into this would count towards my LISA yearly limit?

Any help is much appreciated.

Thank You

ValiantSon

How much have you paid into the HTB this year? Any money that you have paid into the HTB this year can't be transferred to your LISA because you have already made the maximum subscription of £4,000. You can only transfer in the balance of the HTB from 5th April 2017. This would earn the bonus.

Leedslad8t6

I have been paying in the full amount every month so £200 since the start of the financial year (about £2400 I think).

Am I right in thinking I can transfer the balance of the HTB before this financial year into the LISA and still keep the HTB ISA open?

Ed-1

Leedslad8t6 wrote: »

I have been paying in the full amount every month so £200 since the start of the financial year (about £2400 I think).

Am I right in thinking I can transfer the balance of the HTB before this financial year into the LISA and still keep the HTB ISA open?

Yes but the deadline for Skipton to receive the form is tomorrow...

Leedslad8t6

I know I can do it via the web portal I'm just not sure if it would transfer the whole of my HTB account or simply allow me to allocate a certain amount though.

What would happen if i miss calculate and transfer slightly more than I should have?

Ed-1

Leedslad8t6 wrote: »

I know I can do it via the web portal I'm just not sure if it would transfer the whole of my HTB account or simply allow me to allocate a certain amount though.

What would happen if i miss calculate and transfer slightly more than I should have?

You still have to post the authority form after filling in the web application.

Leedslad8t6

Yes I have just noticed that , does that mean it's impossible though?

Is the form submission only for people transferring/changing the whole account from HTB to LISA or do you think I could simply wire the funds from the HTB into my LISA (as I want to keep my HTB account open still)


Thanks

Ed-1

Leedslad8t6 wrote: »

Yes I have just noticed that , does that mean it's impossible though?

Is the form submission only for people transferring/changing the whole account from HTB to LISA or do you think I could simply wire the funds from the HTB into my LISA (as I want to keep my HTB account open still)


Thanks

You can't pay in more than £4,000 to a LISA per tax year. The exception is transferring the balance of a H2B ISA as at 5th April 2017.

Leedslad8t6

Thanks,

I'm going to try the transfer, I'm sure the fact it has been kick started by the online application will keep it within the time limit if I do it tonight then print/sign and send forms tomorrow?

Ed-1

Leedslad8t6 wrote: »

Thanks,

I'm going to try the transfer, I'm sure the fact it has been kick started by the online application will keep it within the time limit if I do it tonight then print/sign and send forms tomorrow?

Worth a try.

Leedslad8t6

Do you know if there's an option to limit the amount you transfer as if it swallows the whole account I will go over the 4k LISA limit