HTB ISA transfer to LIFETIME

Drog44

Good very recent podcast.

Understand that HTB ISA must be used by 2029 (or 2030?) What though if one wants to transfer money from HTB to Lifetime ISA. Can it all be done at once; or has it to be done bit by bit within the £4k annual limit to pay into Lifetime??

And if within that £4k limit, then | assume that any transfer in from HTB would reduce the amount of NEW monies that could be invested that year into LIFETIME. Is that correct??.

masonic

It uses up the £4k Lifetime ISA limit, but can be done as an ISA transfer so as not to impact on the overall £20k allowance. No you cannot transfer in £4k and then add any more in new money. If wishing to do this within the current tax year, you might not have time for an ISA transfer, but there is probably still time to move money manually yourself if you are committed to the Lifetime ISA scheme rules and can wait at least a year before buying.

Remember that there is a new homebuying ISA product yet to be launched. Supposedly there will be a path to move from Lifetime ISA to this, but the details are not yet known.