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Lifetime ISA question
GSandor
Posts: 1 Newbie
Hi All,
I have a Lifetime ISA for over a year now. When I opened it, I beleived I qualified as a First Time Buyer. It turned out I own a 1/5 share in a property in Hungary. It is worth about £13,000. The whole, not my share.
The question is, am I still eligible for the government bonus, or do I have to close down the LISA and pay the penalty?
The bonus would come real useful, but I certainly do not want to commit fraud.
Thank you in advance for your help.
Kind regards
GSandor
I have a Lifetime ISA for over a year now. When I opened it, I beleived I qualified as a First Time Buyer. It turned out I own a 1/5 share in a property in Hungary. It is worth about £13,000. The whole, not my share.
The question is, am I still eligible for the government bonus, or do I have to close down the LISA and pay the penalty?
The bonus would come real useful, but I certainly do not want to commit fraud.
Thank you in advance for your help.
Kind regards
GSandor
0
Comments
-
LISAs can be held by property owners as they can be used for long term retirement funding, so you don't have to close it, but any withdrawals you make before 60 will incur penalties (currently equating only to bonus loss).2
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If you do not wish to use it for retirement, it would be better to withdraw sooner rather than later as the penalty was temporarily reduced due to Covid and may be re-raised.
2
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