Lifetime ISA

eskbanker

al61williams said:

Can someone confirm why our son is being advised that he cannot transfer 4 years worth of HTB ISA directly into a LISA.  If i wanted to transfer monies from one to ISA into another, my understanding is that i am allowed to do so up to £20K, so what's the difference?  He's already qualified for the Bonus via the HTB and is only moving platform.  I believe that he can move it yearly at the rate of £4k but then that precludes him paying in anymore in that year.  Seems to be penalising the savings process. 

It only penalises those who weren't paying attention when LISA was launched in 2017!  This very issue of transferring from HTB was identified and well-publicised transitional arrangements were put in place to allow the entirety of HTB balances to be transferred throughout the whole 2017/18 tax year, after which the £4K annual LISA limit applied to HTB transfers, so your son could have transferred everything in one go while those provisions were in force, but the opportunity to do so ceased in April 2018....

And by the way, there is no £20K limit on (non-Lifetime) ISA transfers either!

Lud6

Hi, Moneybox LISA dropping to 1.1% Monday June 8th, had email Monday 1st June, 2 questions...
1. Can they do this with a weeks notice?
2. Do anyone know if Nottingham BS Cash LISA will be dropping anytime soon?
Thank You!

eskbanker

Lud6 said:

Hi, Moneybox LISA dropping to 1.1% Monday June 8th, had email Monday 1st June, 2 questions...
1. Can they do this with a weeks notice?
2. Do anyone know if Nottingham BS Cash LISA will be dropping anytime soon?
Thank You!

1. Yes
2. No (nobody knows)

DonnySaver

How does a Stocks & Shares LISA work with regards to the 25% bonus?

grumiofoundation

DonnySaver said:

How does a Stocks & Shares LISA work with regards to the 25% bonus?

You get a 25% bonus on your contributions up to a max contribution of £4000 in a year (i. e. up to £1000 bonus).

DonnySaver

grumiofoundation said:

DonnySaver said:

How does a Stocks & Shares LISA work with regards to the 25% bonus?

You get a 25% bonus on your contributions up to a max contribution of £4000 in a year (i. e. up to £1000 bonus).

Thank you. Can anybody recommend a Stocks & Shares LISA please? I'm wanting to start one for my 18 yr old daughter with the intention of it being used to save up to purchase a property.

grumiofoundation

DonnySaver said:

grumiofoundation said:

DonnySaver said:

How does a Stocks & Shares LISA work with regards to the 25% bonus?

You get a 25% bonus on your contributions up to a max contribution of £4000 in a year (i. e. up to £1000 bonus).

Thank you. Can anybody recommend a Stocks & Shares LISA please? I'm wanting to start one for my 18 yr old daughter with the intention of it being used to save up to purchase a property.

https://www.moneysavingexpert.com/savings/lifetime-isas/

You can't open or pay into a LISA on the behalf of someone else, you have to gift them the money. 

Depending on the timescale a cash LISA may be more appropriate.

DonnySaver

grumiofoundation said:

DonnySaver said:

grumiofoundation said:

DonnySaver said:

How does a Stocks & Shares LISA work with regards to the 25% bonus?

You get a 25% bonus on your contributions up to a max contribution of £4000 in a year (i. e. up to £1000 bonus).

Thank you. Can anybody recommend a Stocks & Shares LISA please? I'm wanting to start one for my 18 yr old daughter with the intention of it being used to save up to purchase a property.

https://www.moneysavingexpert.com/savings/lifetime-isas/

You can't open or pay into a LISA on the behalf of someone else, you have to gift them the money. 

Depending on the timescale a cash LISA may be more appropriate.

Thank you. I'll get my daughter to open it herself. About time she learnt about stuff like this anyway!