The Skipton just robbed my daughter of 3K for a simple mistake

RickyM64

All fine, value is less than £250K and she is a first time buyer

le_loup

RickyM64 wrote: »

and I can stop wasting my life in this forum

Which you seem to be continuing to do.

Smellyonion

I did the exact same thing.
I messed up and did not expect to buy so soon. But I managed to claim the bonus from Halifax up to the point of the transfer.

You dont get any bonus on the additional savings saved through skipton's.

So cheer up and move on.:money:

Alexland

Smellyonion wrote: »

I managed to claim the bonus from Halifax up to the point of the transfer.

Just for clarity the HTB ISA bonus did not come from Halifax but from the solicitor using the Halifax paperwork to claim directly from the government. Still good to know it worked out for you.

Alex

kidmugsy

RickyM64 wrote: »

rest of you even more for having no sympathy and nothing useful to offer other than smugness

Perhaps if you hadn't written in such a hyperbolic and hysterical style ......

bowlhead99

RickyM64 wrote: »

Interesting.. You pick up the lack of reading and understanding but make no comment on the smug or condescending. Excuse my contribution I am an angry father but we have still only had one sensible post today from Alexland

The other posts were plenty sensible, and explained that the Skipton had not robbed your daughter and that the terms were known when your daughter moved her money into the LISA and had Skipton claim the bonus on her behalf.

Unfortunately it may be that the lifeline that Alexander suggested you investigate will come to nothing.

It is true that if you close a HTB ISA to fund a property purchase your solicitor can pull the account closing documentation together with the relevant declarations and claim a HTB bonus which can be used to fund part of the purchase price at completion.

However, she didn't close the ISA to use the extracted monies and a claimed HTB bonus to fund a property purchase. Instead, she closed the HTB ISA to fund a LISA by way of transfer. And then within the LISA, a LISA bonus was claimed by the Skipton on her behalf on the monies contributed. I would hope solicitor shouldn't be able to use the account closure statement to make a claim otherwise people would be double-dipping on the same money.

In other words she should not be able to get a HTB ISA bonus on the HTB money *and* be allowed to move the HTB money into the LISA and get a bonus there too. That would be getting two bonuses on the same money and the taxpayers would be very annoyed if that were allowed. And she *did* have the LISA bonus claimed for her by her LISA manager, Skipton. Depending on the family finances, she will either keep the LISA invested for her retirement, or withdraw it to buy this property (and pay a penalty bigger than the bonus). From taxpayer's point of view she has been given a bonus (which she chose to throw away as she decided it was better to buy a property now than wait the year) and it's unfair if she now gets a HTB bonus on the same money. IMHO.

Note, I don't wish you or your daughter any ill will, but if you are going to look at it "from FCA perspective" and wondering if it's fair (which others have already replied on); then I would look at it "from taxpayer perspective" and suggest that claiming the bonus twice is a cost I'd rather not bear. I get that she is giving up the bonus and a few hundred on top as part of the standard penalty for breaking the terms. But it doesn't function as much of a penalty if she can just claim a bonus by another route after we (the taxpayer) already deposited a nice big bonus into her account.

Alexland

I was going to drop out this thread but its getting interesting again...

While the outraged taxpayer would not want to pay a bonus twice on the same contributions are there any differences on the HTB ISA closure statement if it is a transfer or withdrawal? Others who have been through the process may be able to comment but Smellyonion's paperwork was good enough to be accepted by their solicitors and the government.

The primary control for not receiving the bonus twice is that you can only use one type of account towards a property purpose however I have not seen anything in the HTB ISA or LISA terms that would prohibit using the transferred HTB ISA money towards retirement saving by switching to a S&S LISA provider.

I guess the government could do a check for LISA bonuses when they process HTB ISA claims however it might be a genuine bonus from someone who had not done a transfer and was using a LISA to save for retirement in parallel. Even if they could detect this (eg the 17/18 LISA bonus was greater than £1k, checking ISA managers records, etc) what product rule would they use to deny the bonus?

Alex

droopsnoot

RickyM64 wrote: »

I did just read the forum rules but could not find the part that recommended you could only reply with smug, condescending answers after not reading or understanding the entire post.

In fairness, that's pretty much standard for any internet forum, so it doesn't usually make it into the written Ts and Cs.

masonic

Alexland wrote: »

I was going to drop out this thread but its getting interesting again

This thread is indeed taking a very interesting twist. For quite some time I saved into a Halifax HTB ISA before transferring it to my current AJ Bell LISA. As part of the transfer, Halifax kindly provided me with my "ISA closure summary document" that I could use to claim my HTB ISA bonus.

Having now received my LISA bonus on the sum transferred, it would certainly appear there would be nothing stopping me keeping my LISA funds and bonus intact for retirement, and using other funds plus HTB ISA bonus so as to double dip in the way bowlhead suggests.

Or perhaps people who play these games will be caught up to and find themselves in hot water. Only time will tell.

Alexland

masonic wrote: »

This thread is indeed taking a very interesting twist. For quite some time I saved into a Halifax HTB ISA before transferring it to my current AJ Bell LISA. As part of the transfer, Halifax kindly provided me with my "ISA closure summary document" that I could use to claim my HTB ISA bonus.

Having now received my LISA bonus on the sum transferred, it would certainly appear there would be nothing stopping me keeping my LISA funds and bonus intact for retirement, and using other funds plus HTB ISA bonus so as to double dip in the way bowlhead suggests.

Or perhaps people who play these games will be caught up to and find themselves in hot water. Only time will tell.

I don't think bowlhead's popular post is suggesting you 'double dip' but more outraged at my suggestion that this might be possible in post #5. Is there anything in your closure statement to suggest that you transferred to a LISA?

I expect most people saving for their first property might not also be in a position to also allocate a lump sum towards retirement. Even if they did then they then this might cause them not to have a big enough deposit to get access to the best interest rates. Are you seriously considering trying this? I just can't see where in the product rules this would get you into hot water.

Alex