LISA Transfer - can i transfer previous tax year contributions

bhjm

Hello Folks,

does anyone on here knows if i could transfer a LISA (held with Skipton) to a  S&S LISA Provider?

Contributions made in tax year
18/19 - maxed out
19/20 - maxed out
20/21 - none

I am able / allowed to transfer the previous 2 years to the new provider + and still have the annual LISA allowance of 4.000£ left to top up?

eskbanker

Yes, you can transfer your entire LISA from one provider to another, provided the new one accepts inward transfers of course.

https://www.gov.uk/guidance/transfer-lifetime-isas-between-managers

bhjm

mea culpa ! thanks for the link. somehow I could not find the easiest and most obvious link  

MCM20

Hi all! 

In light of the Government’s decision to reduce the penalty for withdrawing the funds from a LISA, to 20% (meaning that one would forego the Government Bonus) for the duration of this tax year.

Is it permissible to transfer to a different LISA provider, use this year’s LISA allowance and contribute 4K but, if needed at a later point in this tax year, have access to the whole saved amount, albeit minus the Government Bonus? 

eskbanker

MCM20 said:

Is it permissible to transfer to a different LISA provider, use this year’s LISA allowance and contribute 4K but, if needed at a later point in this tax year, have access to the whole saved amount, albeit minus the Government Bonus? 

https://www.gov.uk/guidance/lifetime-isa-withdrawal-charge-reduced-to-20

There is no limit on how much an investor can withdraw from their LISA.