Is it possible to transfer funds in my LISA into my wife's LISA?

OldManLogan

Looking for some advice please. I currently have a cash LISA in my name that I'm using to put aside money I don't urgently need for the future. I'm also looking at opening a stocks and shares LISA and funding it in a similar way, I understand that you can have both types of LISA's as long as they are opened in different tax year's and only one is funded in each tax year. 
My wife also has a cash LISA which is currently empty (just the £1 deposit), and I wondered if it possible to transfer the funds in my cash LISA into her cash LISA, so that we can continue to fund it, and then for myself to open a stocks and shares LISA and begin to fund that as well? Or would the only option be to keep funding the cash LISA in my name and open and fund a stocks and shares LISA in my wife's name? (which would be opened in the next tax year).
I only ask as she would be more comfortable with the cash LISA than the stocks and shares LISA, we are currently only in a position to drip feed either type of LISA but if we are planning to save in and hold them for the long term then it seems as though a stocks and shares LISA is superior to a normal stocks and shares ISA, even if payments aren't allowed between 50 and 60?
Any advice would be great, thanks.

colsten

LISAs, same as any other form of ISA, cannot be transferred to other people. Except as part of an estate but that's obviously not what you are hoping to do.

masonic

You could withdraw money from your cash LISA, paying the 25% penalty, gift the money to her, have her pay it into her cash LISA and get the 25% bonus (but also lose some of her allowance), so that overall you would lose about 6% through the process.
Alternatively, you could transfer your cash LISA to your S&S LISA if you can find a provider willing to accept transfers.

OldManLogan

Thanks for your replies, I thought it probably wasn't possible. Looks like the best option is either to transfer the full amount into a SandS LISA or just open and manage a SandS LISA  for my wife in her name.