LISA(s) first time buyer

MrFrugalFever

Hi.

I have a LISA which I have utilised the maximum bonus for 2021-2022 tax year and still have the bonus to claim for this fiscal year. I have read/seen that it is possible to have more than 1 LISA but you cannot add money to both.

Is there any legitimate way to have 2 LISA’s and benefit from having the maximum bonus on both in a single tax year and be able to utilise both for the first time purchase? Essentially I want to purchase at the end of next year so have £2,000 worth of bonus money to benefit from by then.

MDMD

You can contribute to a different LISA this year to the one you paid into last year but your conveyancing solicitor may charge you two sets of fees if they have to claim the money from two providers. So it may be better to pay into the original one to save on fees.

grumiofoundation

MrFrugalFever said:

Hi.

I have a LISA which I have utilised the maximum bonus for 2021-2022 tax year and still have the bonus to claim for this fiscal year. I have read/seen that it is possible to have more than 1 LISA but you cannot add money to both.

Is there any legitimate way to have 2 LISA’s and benefit from having the maximum bonus on both in a single tax year and be able to utilise both for the first time purchase? Essentially I want to purchase at the end of next year so have £2,000 worth of bonus money to benefit from by then.

Unless I have missed something by the end of next year (assuming you mean dec 2023) you will have £3,000 bonus. (even if you mean by end of 22/23 tax year will still be £2,000 bonus)

£1,000 from 21/22 tax year
£1,000 from 22/23 tax year
£1,000 from 23/24 tax year


What you can't do is contribute to 2 LISAs in same tax year - no way to get more than £1,000 bonus in one tax year.

MrFrugalFever

Thanks, thought it was too good to be true!

yes would be £3,000 in government contribution in total be Dec23.

I’ve set myself a strict timescale but there is a little bit of flexibility to run in to April 24 to benefit from a further £1k if necessary.