Paying into a LISA while abroad

wanttosavemoneytodayandtomorrow · 3 February at 9:28PM

Hi All,

My daughter has beed paying into a LISA for a few years now. She is thinking about taking a 2-year contract outside the UK. Would she still be allowed to pay into her LISA whilst working abroad, or does she have to wait until she returns to the UK to continue paying in to it? Thanks.

pramsay13 · 3 February at 9:33PM

No, but she can keep it open and resume paying on her return.

RipleyG · 3 February at 10:02PM

Although you can't pay while living overseas, you can time payments to make the most of the tax year allowances. We did this when we went to Australia for just under 2 years. We moved in July of year 1, so paid in the full year allowance for that year before we left the country. We couldn't pay in year 2 because we were tax residents elsewhere for the whole year. We then moved back in June of year 3, and paid in the full year's ISA allowance when we returned. Despite being away for 2 years, we only missed out on one year's allowance.