Have LISA rules changed with paying in money past age 40?

TrustyOven

I have a LISA, I'm in my mid-30s.

I want to put more money into the LISA with HL. I get redirected to their apply page.

It is asking me to confirm I am under 40 to open a NEW Lifetime ISA.

I query this with HL using secure message.

They come back with:

This is nothing to worry about, HMRC view ISAs in conjunction with a tax year. As such, a Lifetime ISA must be 'opened' for each individual tax year regardless of whether the LISA already exists. This process involves re-confirming your agreement to the relevant terms and conditions, along with any changes in legal declarations since the previous tax year.

That said, all subscriptions you make within a tax year are grouped together into one overall LISA for your convenience. For example, when you 'open' your LISA for the tax year 2020/21, your subscriptions will go into the same overall LISA under the same client number and login details. You can invest these subscriptions as you see fit.

And the apply page says:

You must be between 18 and 39 years old to open a Lifetime ISA.

I'm not sure that's correct. Could anyone please confirm if the rules have changed so that you cant put money in after 40 even if you opened one before that?

AnotherJoe

Looks like poor wording on HL's part. Unsurprising.

KiKi

The rules haven't changed.  It's HL's wording that's the issue - I have the same thing with them each year.  You have to 'open' a LISA (using their wording), but actually, you're just adding to your current one.  You can 'open' and all it will do is add to your LISA as it is.  You're not actually opening a new one (and therefore don't need to be under 40).

Alexland

Yes lazy HL practice by reusing the initial application declaration for when you want to contribute more money in a subsequent tax year. You are not opening a new LISA but just reconfirming agreement to the terms. You will be fine clicking through this and contributing until age 50 if the scheme runs that long. If you are making material contributions over multiple tax years you may find it's cheaper if you transfer to AJ Bell before age 40 after which it becomes difficult to change provider.

TrustyOven

Thanks all for your responses. I will accept the declaration and get the top up into my LISA.