S+S ISA and LISA

Dh6

From the information I’ve read It’s my understanding that I can contribute to both a S+S ISA and LISA in the same tax year.

Could someone please confirm that the above statement is correct?

kind regards DH

bowlhead99

It is correct. They are two different types of ISA. The other two being Cash ISA and IF ISA.

Dh6

I hold my LISA as a cash LISA currently but plan on investing it.

If I do would I be able to be able to pay into a s+s ISA and s+s LISA in the same tax year?

many thanks Bowlhead

Alistair31

If you have paid in to the cash LISA this FY then you should transfer it to a S&S LISA, you can subscribe up to £4k.
You can then contribute up to £16k to a S&S ISA.

bowlhead99

Dh6 said:

I hold my LISA as a cash LISA currently but plan on investing it.

If I do would I be able to be able to pay into a s+s ISA and s+s LISA in the same tax year?

Yes, that's fine.
The 4 types of ISA are:
-Cash ISA  (including regular saver, fixed term, instant access, Help to Buy version etc)
-S&S ISA 
-IF ISA
-Lifetime ISA (cash version or S&S version)
You are allowed to have up to £20k of current year contributions spread across those 4 account types as long as you only have one from each of those account types.

(for pedants, a cash ISA provider may let you split your accounts between their different cash products and report it as one balance to HMRC to help you stay within the rules, though not relevant to your question

Dh6

Thanks very much for the clarification 

DH

eskbanker

Alistair31 said:

If you have paid in to the cash LISA this FY then you should transfer it to a S&S LISA, you can subscribe up to £4k.
You can then contribute up to £16k to a S&S ISA.

One small but important letter added to your post!

Alistair31

eskbanker said:

Alistair31 said:

If you have paid in to the cash LISA this FY then you should transfer it to a S&S LISA, you can subscribe up to £4k.
You can then contribute up to £16k to a S&S ISA.

One small but important letter added to your post!

Ta. Now corrected. I should stop posting so early.

Dh6

Thanks for the above advice, I’m very grateful. 

I’m on now trying to set up my investment isa with cavendish online. 

I pay 0.25 platform fee with them for my SIPP, however with the isa there’s mention of a £45 annual service charge on top, am I reading this correctly?

* edit, they’re calling it an investor fee, will this apply to my isa if I open one?

I intend to invest £200 pm so I understand cavendish is one of the cheapest platforms to do this?

many thanks DH