Lifetime ISA and Moving Abroad

Arctic_01

Hi all,
I have been considering to open a Lifetime ISA but have had plans for a while now to eventually move abroad to the USA, most likely becoming a joint resident (UK and USA)

Is anyone able to tell me what would happen with my Lifetime ISA when this happens? I will definetely a joint resident before 60 or being able to afford my first home using the ISA.

What happens when I make this change? What happens to the earnings? How can I use those earnings? etc
Any kind of information would help as I would like to know as much as possible!

Thanks for reading and I hope you can help me out!

eskbanker

Much will depend on exactly what you mean by 'joint residency' (as opposed to dual citizenship?), but from an ISA perspective, you can no longer pay into one if you're no longer resident in the UK for tax purposes.  However, the account can still be maintained, but its preferential UK tax status may not apply if you're paying tax as a resident in the USA.

Arctic_01 said:

I will definetely a joint resident before 60 or being able to afford my first home using the ISA

If you're saying that you won't be buying your first property before emigrating, would you be buying in the USA, i.e. never using the LISA to support that? If you plan to use the LISA to support retirement rather than a property purchase, you might find that pension contributions are more portable and flexible, rather than a very UK-specific vehicle?