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Is this allow? H2B /LISA question?

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Comments

  • GuavaGroundGal
    GuavaGroundGal Posts: 3 Newbie
    I'm in a similar situation with £100 in my nutmeg LISA and about £5k in my HTB. I didn't realise Skipton had a 1 March deadline. Doh!

    Could I just withdraw £1k out of my HTB manually (leaving 4k) and put that into the nutmeg LISA this year (along with whatever other scraps I can put together, to total no more than £4k? Then before the end of the year I convert nutmeg to a skipton, and next year I can add what's left of my HTB (£4k)?

    Is this allowed?
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    GuavaGroundGal wrote: »
    I'm in a similar situation with £100 in my nutmeg LISA and about £5k in my HTB. I didn't realise Skipton had a 1 March deadline. Doh!

    Could I just withdraw £1k out of my HTB manually (leaving 4k) and put that into the nutmeg LISA this year (along with whatever other scraps I can put together, to total no more than £4k? Then before the end of the year I convert nutmeg to a skipton, and next year I can add what's left of my HTB (£4k)?

    Is this allowed?

    Yes but if doing that why wouldn't you withdraw £3900 from your HTB manually and add to your Nutmeg this tax year? Then add the remaining £1100 at the start of next tax year so you can still contribute £2900 next tax year?

    Unless your 'scraps' are worth £2900?

    Alex.
  • GuavaGroundGal
    GuavaGroundGal Posts: 3 Newbie
    Oh! That's great... for some reason I keep thinking that I'm not allowed to manually take any money out of my HTB, but I guess there's no problem - it just means I don't get the HTB bonus on it... but I'll get it from the LISA anyway. Cool, I'll do that. Thanks!

    Turns out Skipton aren't letting anyone transfer LISAs so will have to wait til next April... let's just hope the stocks n shares nature of Nutmeg doesn't fluctuate too much in the next 3 weeks!
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    You won't get a bonus on the HTB ISA anyway if you use the LISA for the property purchase.
  • GuavaGroundGal
    GuavaGroundGal Posts: 3 Newbie
    Woop woop! My nutmeg bonus came through - ta-da! £4k magically turned into £5k! (I managed to find some scraps!) Thank-you MoneySavingExpert and Alexland!

    Now just to sort the Skipton side of things, gotta put the Nutmeg in there along with £4k HTB ISA (which, thanks to Halifax, has just acquired a tidy but unexpected £150 bit of interest) and hey presto, £9k should hopefully be £10k.....? Watch this space
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