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Transferring Help to Buy ISA into a Lifetime ISA
MrComputer
Posts: 1 Newbie
Hello MSE, I have a few question sabout transferring my Help to Buy ISA into a Lifetime ISA.
I've been paying into my Help to Buy for just over 2 years currently have around £5000 saved.
If I open a Lifetime ISA and transfer £4000 from the Help to Buy before April 2021 would I get the maximum 25% (£1000) bonus for the 2020-2021 tax year?
Can I add the remaining £1000 from the Help to Buy + another £3000 after April 2021 to get the bonus to get the maximum bonus for 2021-2022? When would this bonus be payed?
I'm thinking of buying a property in the next two years and figured I would be getting a larger government bonus from a Lifetime ISA if I can get it for both the 2020-2021 and the 2021-2022 tax year.
I've been paying into my Help to Buy for just over 2 years currently have around £5000 saved.
If I open a Lifetime ISA and transfer £4000 from the Help to Buy before April 2021 would I get the maximum 25% (£1000) bonus for the 2020-2021 tax year?
Can I add the remaining £1000 from the Help to Buy + another £3000 after April 2021 to get the bonus to get the maximum bonus for 2021-2022? When would this bonus be payed?
I'm thinking of buying a property in the next two years and figured I would be getting a larger government bonus from a Lifetime ISA if I can get it for both the 2020-2021 and the 2021-2022 tax year.
0
Comments
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Yes.MrComputer said:If I open a Lifetime ISA and transfer £4000 from the Help to Buy before April 2021 would I get the maximum 25% (£1000) bonus for the 2020-2021 tax year?
Yes, you can do this, and you'd receive the bonus 4-8 weeks after you'd made each contribution.MrComputer said:Can I add the remaining £1000 from the Help to Buy + another £3000 after April 2021 to get the bonus to get the maximum bonus for 2021-2022? When would this bonus be payed?1
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