Silly personal allowance question.

B0bbyEwing

I feel like the answer is £16k & that it's obvious, but while I wait on a response from AJ Bell, you guys are generally quicker & I'm currently trying to consolidate accounts.

Personal allowance: £20k.
You put in a LISA: £4k
Allowance left: £16k.

You want to put the remainder in to a S&S ISA.

So can you put £16k in the S&S ISA or can you only put £15k due to the bonus of £1k?

As said, I feel like the answer will be £16k because the £1k wasn't your money, the government put it in.

But for the sake of asking a silly question, I'd rather ask & get it right then guess & go over the allowance by £1k.

Not only that but I tend to have to ask banks twice lately because the first reply seems to be some auto-generated thing that never answers the question.

HappyHarry

You are correct. The answer is £16k.

B0bbyEwing

HappyHarry said:

You are correct. The answer is £16k.

Thank you.

One of those moments where you're sure you're right but there's that niggling doubt that has you saying, but what if I'm not.

B0bbyEwing

With the Lifetime ISA - 

when it comes to a house purchase, can you combine pots for your deposit?

That may be cash L-ISA with one provider in one tax year & cash L-ISA with a different provider in a different tax year.

Or it may be a cash L-ISA with one provider & a S&S L-ISA with a different provider.

Or can you only use one pot as your deposit?

masonic

B0bbyEwing said:

With the Lifetime ISA - 

when it comes to a house purchase, can you combine pots for your deposit?

That may be cash L-ISA with one provider in one tax year & cash L-ISA with a different provider in a different tax year.

Or it may be a cash L-ISA with one provider & a S&S L-ISA with a different provider.

Or can you only use one pot as your deposit?

Your conveyancer can make multiple withdrawals, so having the money spread between more than one LISA is not likely to be an issue. I suppose they might charge you a fee for each one.

B0bbyEwing

masonic said:

Your conveyancer can make multiple withdrawals, so having the money spread between more than one LISA is not likely to be an issue. I suppose they might charge you a fee for each one.

Handy to know that it's possible, even if you get charged.

Can you transfer from L-ISA to L-ISA without it impacting on anything?

I know you can transfer to a L-ISA from a cash ISA or a S&S ISA for example but it forms part of that years contributions so a bit of a nuisance if you've already put that years £4k in or if you're wanting to transfer more than £4k.

But if it's already in a L-ISA wrapper, even if that wrapper is elsewhere, I wonder if you can do it then without it forming part of that years pay-in?

masonic

B0bbyEwing said:

masonic said:

Your conveyancer can make multiple withdrawals, so having the money spread between more than one LISA is not likely to be an issue. I suppose they might charge you a fee for each one.

Handy to know that it's possible, even if you get charged.

Can you transfer from L-ISA to L-ISA without it impacting on anything?

I know you can transfer to a L-ISA from a cash ISA or a S&S ISA for example but it forms part of that years contributions so a bit of a nuisance if you've already put that years £4k in or if you're wanting to transfer more than £4k.

But if it's already in a L-ISA wrapper, even if that wrapper is elsewhere, I wonder if you can do it then without it forming part of that years pay-in?

Yes, you can transfer from LISA to LISA in the same way that other types of ISA can be transferred. In practice, some LISAs do not accept transfers, and some providers have systems that prevent those over the age of 40 opening a new LISA for the purpose of transferring in.

B0bbyEwing

masonic said:

B0bbyEwing said:

masonic said:

Your conveyancer can make multiple withdrawals, so having the money spread between more than one LISA is not likely to be an issue. I suppose they might charge you a fee for each one.

Handy to know that it's possible, even if you get charged.

Can you transfer from L-ISA to L-ISA without it impacting on anything?

I know you can transfer to a L-ISA from a cash ISA or a S&S ISA for example but it forms part of that years contributions so a bit of a nuisance if you've already put that years £4k in or if you're wanting to transfer more than £4k.

But if it's already in a L-ISA wrapper, even if that wrapper is elsewhere, I wonder if you can do it then without it forming part of that years pay-in?

Yes, you can transfer from LISA to LISA in the same way that other types of ISA can be transferred. In practice, some LISAs do not accept transfers, and some providers have systems that prevent those over the age of 40 opening a new LISA for the purpose of transferring in.

Thanks.

The age thing is no problem here as I'm asking for someone who's a few years off 40 yet.