Transferring Help to Buy ISA into a Lifetime ISA

MrComputerMrComputer Forumite
1 Post
MoneySaving 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. 

Replies

  • eskbankereskbanker Forumite
    18.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    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.

    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?
    Yes, you can do this, and you'd receive the bonus 4-8 weeks after you'd made each contribution.
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