LISA help!

Taracatface

If I'm paying into a LISA, and pay the £4000 as a lump sum when would I get the government bonus? Would the £1000 come that month or at the end of the tax year? I'm looking to buy a house but no noone who has used a LISA before so don't really know much about how it actually works when looking to withdraw and when you need to withdraw to pay the deposit. 
Any help would be incredible! 

I'm sure this information is out there somewhere, but I'm in the middle of a night shift and have lost patience searching! 🙃

Thanks! 

masonic

It is potentially neither of those options. If you pay into the LISA between 6th of month 1 and 5th month 2, then you'll get your bonus payment towards the end of month 2.

Alexland

Also remember the account needs to be open at least 12 months and the solicitor would withdraw the money.

Albermarle

https://www.moneysavingexpert.com/savings/lifetime-isas/

Taracatface

masonic said:

It is potentially neither of those options. If you pay into the LISA between 6th of month 1 and 5th month 2, then you'll get your bonus payment towards the end of month 2.

Ah okay, so if I paid it in after 5th April would the bonus come through at the end of April? Or am I not getting this right? 

Taracatface

Alexland said:

Also remember the account needs to be open at least 12 months and the solicitor would withdraw the money.

I've had it open for just over 12 months, I'm just wondering because we'd be completing after the new tax year has begun whether I could claim the extra £1000 before using it for the deposit 

eskbanker

Taracatface said:

masonic said:

It is potentially neither of those options. If you pay into the LISA between 6th of month 1 and 5th month 2, then you'll get your bonus payment towards the end of month 2.

Ah okay, so if I paid it in after 5th April would the bonus come through at the end of April? Or am I not getting this right? 

No, if you want a bonus by the end of April you'd need to pay in before 5 April.  If you pay in between 6 April and 5 May then the bonus should arrive around the end of May.

Taracatface said:

Alexland said:

Also remember the account needs to be open at least 12 months and the solicitor would withdraw the money.

I've had it open for just over 12 months, I'm just wondering because we'd be completing after the new tax year has begun whether I could claim the extra £1000 before using it for the deposit 

Yes, once the new tax year has started then you can pay in another £4K and earn another £1K bonus, but bear in mind the above timescales.