Self Employment and Lifetime ISA contributions

Jon_B123

My Wife is self employed and has been for 6 years now. She does a self assessment  online every year as required. Last year she opened a Lifetime ISA for pension purposes on Martins advice which she contributes to from some of her earnings each year. 
Are any contributions she makes tax deductible on her self assessment? The guidance doesn't seem very clear and I cant find anything on line about it.

Many thanks in advance. 

Dazed_and_C0nfused

No, not relevant to Self Assessment and not tax deductible.

kuratowski

As Dazed says, it isn't tax deductible.  But your wife does benefit from the 25% bonus in her LISA, as she's surely noticed!

Marcon

Jon_B123 said:

My Wife is self employed and has been for 6 years now. She does a self assessment  online every year as required. Last year she opened a Lifetime ISA for pension purposes on Martins advice which she contributes to from some of her earnings each year. 
Are any contributions she makes tax deductible on her self assessment? The guidance doesn't seem very clear and I cant find anything on line about it.

Many thanks in advance. 

You can't find anything on line because there's nothing to find - contributions to any sort of ISA (including LISAs) are made out of taxed income.

If your wife is looking for a tax break (in the shape of a 'top up' to her pension pot, plus possible further tax relief via self assessment if she is a higher rate taxpayer), then a pension rather than a LISA is a way to achieve that.

Albermarle

. Last year she opened a Lifetime ISA for pension purposes

To avoid confusion best to use the correct terminology .

A Lifetime ISA can be used as a good  way of saving for retirement , but it is not a pension , which is a different way of  retirement saving .

Jon_B123

Ok thanks for clearing that up. I was mistaken by the thought it acted in the same way as a pension, which as pointed out it doesn't and also as it is a ISA it is also free from tax - but I guess that is tax free on any interest and gains - not on the money that is being invested. It makes sense now - thank you. 

And yes she is benefiting from the 25% top up so it is still the best way for her to save long term at present. 
Thank you for your replies and answers.