We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
MSE News: Lifetime ISA savers hit by bonus delay
Former_MSE_Callum
Posts: 696 Forumite
An estimated 150 Lifetime ISA holders have seen their annual bonus of up to £1,000 delayed by up to two months, MoneySavingExpert can reveal - so if you're expecting your bonus to have arrived, check now if it's been paid...
Read the full story:
'Lifetime ISA savers hit by bonus delay'
Click reply below to discuss. If you haven’t already, join the forum to reply.
'Lifetime ISA savers hit by bonus delay'
Click reply below to discuss. If you haven’t already, join the forum to reply.
Read the latest MSE News
Flag up a news story: news@moneysavingexpert.com
Get the Free MoneySavingExpert Money Tips E-mail
Flag up a news story: news@moneysavingexpert.com
Get the Free MoneySavingExpert Money Tips E-mail
0
Comments
-
Proactively contacted? They never attempted to contact me about the whole debacle.0
-
I am one of the 150. They told me to contact HMRC and still nothing. All the details are correct on both fronts and as above, I contacted them, they did not contact me. Not happy chasing something that I am rightfully entitled to.Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"0 -
I think I may be part of an even smaller edge case that is yet to receive the bonus as well.
Like others, I initially opened my LISA with Nutmeg at launch date and transferred to a Skipton Cash LISA when it became apparent that Nutmeg would not accept Help-To-Buy ISA transfers.
After this, when Moneybox launched their stocks and shares LISA I decided to transfer again to try and make the most of a reasonable stock market compared to pathetic interest rates!
I now have a situation where Moneybox are communicating with HMRC and Skipton, both of whom seem to be accepting no responsibility and giving no reason as to why the bonus may not be payable. Can't fault Moneybox in all this, they have been very good with communication and have even offered to help persue compensation from HMRC after this is all resolved.
The common denominator here all seems to be Nutmeg transfers to Skipton, but why!?0 -
I am not sure HMRC will pay you any compensation but MoneyBox, as your current provider, should definitely be managing this situation for you.
First time I have heard of someone transfering a LISA twice. If you are buying property in the near future it might have made more sense to stick with the Skipton cash product.
Alex0 -
I have been told by my provider (AJBell) that HMRC holds different information on one of three key items; name, dob or ni number. This is not true, as I have verified. I was only advised a week ago and my provider is threatening to close my account on 31st July, despite the fact that I have been in constant communication with them about it since I got notification. I feel that I have not been given enough time, and I feel powerless to resolve it. When I contacted HMRC, twice about it I was told that there was nobody in HMRC able to deal with LISA problems and I was directed to contact my provider or the ombudsman. AJBell tells me to deal with HMRC. What am I supposed to do about it? Isn't the provider supposed to check these details at the point of opening the account, not 3 months after the end of the tax year it occurred in? What can I do to prevent losing my LISA? I am not 40 and if I lose this one, I will not be able to apply for more.0
-
clarke-m11 wrote: »I have been told by my provider (AJBell) that HMRC holds different information on one of three key items; name, dob or ni number. This is not true, as I have verified. I was only advised a week ago and my provider is threatening to close my account on 31st July, despite the fact that I have been in constant communication with them about it since I got notification. I feel that I have not been given enough time, and I feel powerless to resolve it. When I contacted HMRC, twice about it I was told that there was nobody in HMRC able to deal with LISA problems and I was directed to contact my provider or the ombudsman. AJBell tells me to deal with HMRC. What am I supposed to do about it? Isn't the provider supposed to check these details at the point of opening the account, not 3 months after the end of the tax year it occurred in? What can I do to prevent losing my LISA? I am not 40 and if I lose this one, I will not be able to apply for more.
You may find the below guidance for ISA Managers helpful. There are actually 4 bits of informaiton required - Name, DoB, Address (inc postcode) and NI number.
https://www.gov.uk/guidance/information-you-need-from-investors-when-they-apply-for-an-isa
If you have provided proof to AJ Bell and this matches the HMRC records (maybe provide them with a printout from the government gateway page) then AJ Bell as your manager should be resolving with HMRC. If they are not doing this then I suggest you raise a formal complaint with them.
Alex0 -
I am not sure HMRC will pay you any compensation but MoneyBox, as your current provider, should definitely be managing this situation for you.
First time I have heard of someone transfering a LISA twice. If you are buying property in the near future it might have made more sense to stick with the Skipton cash product.
It was moved out of the necessity of Nutmeg not offering Help-to-Buy transfers. I have no plans to buy in the immediate future and therefore the returns from a stocks and shares product are much more attractive for me, not to mention that once the bonus is actually paid there will be growth on that as well.
Like I said before, I can't fault Moneybox as their communication and pro-activity has been very good. I just hope that they can resolve this with HMRC as soon as possible.0
This discussion has been closed.
Categories
- All Categories
- 346.1K Banking & Borrowing
- 251.2K Reduce Debt & Boost Income
- 451.1K Spending & Discounts
- 238.2K Work, Benefits & Business
- 613.3K Mortgages, Homes & Bills
- 174.5K Life & Family
- 251.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards