How many account can I Have?

HustleGang

Hi All, just a quick one...

My understanding is that I can have AND pay into all of these accounts in the same tax year:

H2B isa Halifax (for interest rate)
Skipton Cash LISA
S&S ISA VLS80

Hope ive understood correctly. Also if I was to open a stocks and shares LISA and close the Skipton Cash lisa would i still ne able to pay into my VLS80

My understanding is that the help to buy isa and LISA are different account types so having a S&S LISA and a normal non LISA S&S ISA is ok for the same tax year?

Kind regards

masonic

There are 4 types of ISA and you can pay into one of each:

cash (including HTB), S&S, Innovative Finance, Lifetime

So your understanding is correct. A LISA is a LISA, regardless of what you put in it. A HTB ISA is just a special kind of cash ISA.

sjp999

And, unless you need the cash in the Skipton Lisa , don't close it - have your S&S Lisa provider transfer the contents over to protect the tax free status of those funds.

masonic

sjp999 wrote: »

And, unless you need the cash in the Skipton Lisa , don't close it - have your S&S Lisa provider transfer the contents over to protect the tax free status of those funds.

...and avoid paying a 25% penalty.

HustleGang

Thanks all for responses!