Transferring Help to Buy ISA to a LISA and Tax allowance Help needed

pastyboy

Hello, i am thinking about transferring my Help to buy ISA to a LISA. Firstly Can i only transfer 4k a year from my ISA to my LISA?? 

Currently i have 8000 in my ISA and have 4000 in savings i want to transfer into a LISA. If i was to transfer 8000 into my LISA from my LISA and transfer 4000 from my savings into my LISA (which would be the max i can put in this tax year i believe) would i get a 3k bonus this tax year or can i only get a 1k bonus every tax year. 

What would be the smartest way to utilise the bonus, Advice would be greatly appreciated. 

eskbanker

You can only get a total of £4K into a LISA in any tax year, whether that's new money or a transfer from a non-lifetime ISA, and so the maximum bonus in any year is £1K.