Transferring a Help to Buy ISA

NedJ

Hey all, 

The Help To Buy ISA I have from a few years ago will no longer be relevant to me as I now part-own a property with another member of my family who isn't a first-time buyer. I am trying to understand my options in moving this money. Can I transfer this ISA into something like my Stocks and Shares ISA with no charge? I read that there may be a 25% charge when withdrawing the money for purposes that are not to buy your first home. I do not need the cash right now and am happy to move it to another form of investment.

Any advice would be greatly appreciated. 

Thanks! 

eskbanker

The 25% withdrawal penalty you refer to relates to the Lifetime ISA, not the HTB ISA, which doesn't have any similar term, so yes, you can transfer to another ISA without charge - ensure that you do so by invoking the receiving provider's ISA transfer process.

Alexland

The HTB ISA has no withdrawal penalty and if you are now a homeowner are no longer eligible to continue holding the account so the money should be transferred to another ISA or withdrawn.
I think you are confusing it with the Lifetime ISA which has a 25% withdrawal penalty (20% this tax year) for withdrawal before age 60 unless the withdrawal is done by a solicitor for a qualifying property purchase.

NedJ

Thanks all