JISA / LISA / ISA for 18 Year Old

jimmyg_73

My son turns 18 very soon and his Junior ISA will be automatically converting to an Adult ISA. We already have a reasonable sum in his JISA - enough for a ten percent deposit for a first time home anyway.

So what's my best route - can I transfer his now adult ISA into a LISA to get the 25% bonus? Or am I limited at deposits of £4,000 per year?

Also I was planning on setting up a Stocks & Share ISA for him anyway - but can I have a regular S&S ISA and a LISA at the same time?

Thank you in advance.

WillPS

jimmyg_73 said:

So what's my best route - can I transfer his now adult ISA into a LISA to get the 25% bonus? Or am I limited at deposits of £4,000 per year?

Once he's 18 it's his money to do with as he wishes. Only he can open and manage his own ISAs.

He will be limited at £4000 per tax year for LISAs, regardless of whether the money is deposited fresh or transferred from another ISA.

jimmyg_73 said:

Also I was planning on setting up a Stocks & Share ISA for him anyway - but can I have a regular S&S ISA and a LISA at the same time?

Again, only he can do this - but yes he can deposit in any number of ISAs and a single LISA in each tax year (subject to the normal deposit limits - £4k depsoit limit for LISA and £20k overall deposit limit).