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Gifting Money to Partner for LISA

EW2020
EW2020 Posts: 2 Newbie
First Post
in ISAs & tax-free savings
A question I have been wondering for a while. Hoping to buy our house approximately May next year.  Myself and my partner both have LISAs that will be just over 1 year old at that point.  My question is, I am able to save £4,000 into my LISA this year and also then gift my partner £4,000 so she can move this money into her LISA before the end of the tax year? (She is not a particularly good saver!). Or does this fall foul of ISA/LISA rules.
Would I then be able to repeat this at the start of the new tax year in 2021? I would then have £16k (£20k including bonus) saved up.
Many thanks for any replies.

Comments

  • eskbanker
    eskbanker Posts: 40,770 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Yes, you can gift her the money for depositing into her LISA, but it's then her money, i.e. this time next year you (personally) wouldn't have £20K, you'd each have £10K.
  • EW2020
    EW2020 Posts: 2 Newbie
    First Post
    eskbanker said:
    Yes, you can gift her the money for depositing into her LISA, but it's then her money, i.e. this time next year you (personally) wouldn't have £20K, you'd each have £10K.
    Thank you, that's great to hear. 
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 23 April 2020 at 4:45PM
    We contribute money into our LISAs and ISAs from our general purpose joint account and don't bother keeping track of where the money comes from.
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