We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can you open a second (& contribute to) L-ISA in a tax year?
Options

B0bbyEwing
Posts: 1,557 Forumite

So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase, get the keys, job done, cash LISA is now £0.
Can you then open a S&S LISA the next day & contribute in to that?
Or do you have to wait until the next tax year?
Can you then open a S&S LISA the next day & contribute in to that?
Or do you have to wait until the next tax year?
0
Comments
-
Assuming you paid £4k into the cash LISA before using for the house purchase, then no, as you'd be exceeding the annual LISA allowance. If you contributed less than £4k, then you'd need to either top up the existing cash LISA and transfer it to the S&S LISA, or transfer the empty LISA in order to avoid subscribing to two ISAs of the same type in one tax year.
1 -
masonic said:Assuming you paid £4k into the cash LISA before using for the house purchase, then no, as you'd be exceeding the annual LISA allowance. If you contributed less than £4k, then you'd need to either top up the existing cash LISA and transfer it to the S&S LISA, or transfer the empty LISA in order to avoid subscribing to two ISAs of the same type in one tax year.
April it is then. Thanks.0 -
B0bbyEwing said:So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase...0
-
eskbanker said:B0bbyEwing said:So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase...0
-
B0bbyEwing said:eskbanker said:B0bbyEwing said:So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase...
I don't know many people opening multiple LISAs mainly as conveyancing fees for processing multiple accounts are going to dwarf any interest gain.0 -
alibean121 said:B0bbyEwing said:eskbanker said:B0bbyEwing said:So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase...
I don't know many people opening multiple LISAs mainly as conveyancing fees for processing multiple accounts are going to dwarf any interest gain.
Fully aware about the full calendar year requirement which is why I didn't ask about it.
Anyway, it's sorted, masonic covered everything & I gave them thanks.0 -
B0bbyEwing said:alibean121 said:B0bbyEwing said:eskbanker said:B0bbyEwing said:So you open a (cash) LISA in the current tax year, pay in to it, use the whole lot for a house purchase...
I don't know many people opening multiple LISAs mainly as conveyancing fees for processing multiple accounts are going to dwarf any interest gain.
Fully aware about the full calendar year requirement which is why I didn't ask about it.
Anyway, it's sorted, masonic covered everything & I gave them thanks.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards