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Transferring out of Lifetime ISA
chris8598
Posts: 1 Newbie
Ok so I have two LIsas one not used in this tax year and one that has been used. I want to close the dormant one and put the money into the active one. However the active one does not allow transfers in, so if I close the dormant one and put the money straight into the other one what is the net effect - the value at the moment is about £1100.00 and I know I would lose the government bonus but presumably I would regain it when I reinvest???
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Comments
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Yes, you'd lose and regain the bonus in doing this so it would be neutral (during this reduced penalty concession) but the £1,100 would count towards your £4K annual LISA contribution limit, which would therefore reduce the overall aggregate amount you can put into LISAs, not ideal if you'd be looking to use your whole allowance every year.1
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