Moving to Ireland - options for existing UK LISA

tgriffiths

I set up a LISA earlier this year to save for my first house. I'm now (unexpectedly) moving to Ireland with my partner to work in around a month's time, and I'm unsure of what to do with the LISA funds. We're unsure yet as to whether the move will be permanent as my partner's job may require her to move after 2 years, but if we can remain there we will undoubtedly be looking to buy our first property. 
How can I make the most of the existing funds I paid into my LISA? It seems to me that the two options are:

• Leave the funds in my UK LISA in case I end up returning to the UK and require them 
• Withdraw the funds and sacrifice my government bonus to give me the option of saving it in Ireland if required

eskbanker

I can't really think of any other options but those two aren't mutually exclusive, in that you can hedge your bets between them by leaving the money in the LISA for now and only withdrawing under penalty if/when it becomes clear that you'll buy in Ireland....

Thrugelmir

You've no neeed to anything immmediately. Might as well wait and see how things pan out. 

Alexland

Thrugelmir said:

You've no neeed to anything immmediately.

Well it's worth deciding what to do before the end of the tax year when the early withdrawal penalty goes back up again.

MDMD

Thrugelmir said:

You've no neeed to anything immmediately. Might as well wait and see how things pan out. 

You should note though that the LISA (or any ISA) has no special tax treatment in Ireland and (assuming it is in cash) you may still need to declare any (admittedly small) amounts of interest received and pay tax on it.

it will depend on your residence position.