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Transferring Help to Buy ISA to LISA
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AndreasAnsell
Posts: 2 Newbie
A couple months ago I transferred my Nationwide Help to Buy ISA to my Moneybox LISA (around £3000). The balance transferred were savings made into the Help to Buy ISA in the tax year 19/20. I have just tried to transfer some money into my LISA for it to fail and state that I will go over the £4000 savings limit. I thought that any savings made in the previous tax year doesn’t count towards the current tax year’s limit? Please help! Thanks
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Comments
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In general you can transfer money between ISAs without it counting towards the £20K annual ISA contribution limit, but the LISA-specific limit is different and you can only put in up to £4K in any tax year regardless of whether this is new money or transfers from other ISAs.1
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As eskbanker says, transfers from other types of ISA to a LISA count towards the LISA £4k limit, so after the £3k transfer you have £1k remaining for this tax year. After that, you still potentially have £19k of your annual allowance available to contribute to other types of ISA.
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