LISA (lifetime ISA) - can I get two bonuses in one calendar year

rmac_2021

Hiya. I was wondering if anybody knows if you can put £4k into a LISA pre April and then another £4k into the same LISA post April in the same calendar year and get the two £1k bonuses. I saving for a house but I don't want to tie it up in the LISA in case I need access to it and I don't want the penalty when it comes back into effect this year. 

grumiofoundation

Yes.

LISA has to be open for 12 months before you can use it for house purchase. So if you haven't already might as well open today with £1 to get clock ticking. 
Can then contribute rest of allowance pre-April (£3999) - don't leave it too close, were threads of people contributing in 2019/2020 tax year but being too close and LISA provider counting as 2020/2021 tax year contribution.

Ed-1

rmac_2021 said:

Hiya. I was wondering if anybody knows if you can put £4k into a LISA pre April and then another £4k into the same LISA post April in the same calendar year and get the two £1k bonuses. I saving for a house but I don't want to tie it up in the LISA in case I need access to it and I don't want the penalty when it comes back into effect this year. 

You get a new £4,000 LISA allowance (part of your £20,000 ISA allowance) each tax year. So you can subscribe (contribute) to a new LISA each tax year and get a 25% bonus on all subscriptions. Contributing into your existing LISA in a new tax year counts as subscribing to a new LISA and you get a new 25% bonus.

Alexland

Ed-1 said:
Contributing into your existing LISA in a new tax year counts as subscribing to a new LISA and you get a new 25% bonus.

For the purpose of the 12 month rule then contributing into the existing LISA would not be considered a new LISA just a new tax year's allowance becomes available.