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  • FIRST POST
    • MissedLisaDeadline
    • By MissedLisaDeadline 8th Mar 18, 10:41 AM
    • 7Posts
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    MissedLisaDeadline
    Missed Skipton LISA transfer deadline
    • #1
    • 8th Mar 18, 10:41 AM
    Missed Skipton LISA transfer deadline 8th Mar 18 at 10:41 AM
    As the title says really, I've missed the deadline for the HtB ISA transfer in date so my money is now stuck in my HtB ISA. I guess I can just do a standard bank transfer to get the money into the LISA account but I can't take advantage of the contributions I've made before the 2017/18 tax year.

    My questions is does anyone have suggestions on what I should do at this point? I guess I have nothing now other than just transfer in the money as "new money" so I can only get the bonus on £4000, rather than the amount I would have if I made the transfer in time. Maybe I should keep the money in my HtB account and transfer the £4k from a different account since the interest (Halifax HtB ISA) is so high?

    Many thanks
Page 1
    • aj23
    • By aj23 8th Mar 18, 10:58 AM
    • 505 Posts
    • 177 Thanks
    aj23
    • #2
    • 8th Mar 18, 10:58 AM
    • #2
    • 8th Mar 18, 10:58 AM
    I know you had to do it by 2 March for Skipton in order for them to process it in this tax year. I posted my form Thursday, and the money was transferred out yesterday.

    You can ask, but I think if you were to do it now, there's not guarantee that they would do it before 5 April, and thus it can't count as this years allowance contribution.

    You're best to ring a branch and ask. You can still open an account and deposit £4,000 before 5 April to use this years allowance. You just can't transfer in your 2016/17 deposits.
    Last edited by aj23; 08-03-2018 at 12:17 PM.
    • Plus
    • By Plus 8th Mar 18, 11:57 AM
    • 355 Posts
    • 279 Thanks
    Plus
    • #3
    • 8th Mar 18, 11:57 AM
    • #3
    • 8th Mar 18, 11:57 AM
    AJ Bell Youinvest say:
    The transfer needs to have completed by the end of the tax year (5 April 2018), so you should start your transfer as soon as possible. We try to complete all transfers as quickly as we can, but the sooner we receive your transfer form, the more likely it is the transfer will be finished before the deadline. We can't guarantee your transfer will be completed by the end of this tax year.
    ie no fixed deadline, but get it in asap. Once you've done the HTB->LISA transfer to Youinvest you can then transfer out the LISA to someone else if investing isn't what you want.

    Youinvest will allow partial transfers, so you can keep the Halifax HTB open if you wish.
    • MissedLisaDeadline
    • By MissedLisaDeadline 8th Mar 18, 4:38 PM
    • 7 Posts
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    MissedLisaDeadline
    • #4
    • 8th Mar 18, 4:38 PM
    • #4
    • 8th Mar 18, 4:38 PM
    I've tried doing it but Skipton doesn't accept anymore of the transfer forms so I really don't think it is possible from this point onwards. They have taken the transfer forms off of their website.

    Looks like I'll have to do a bank transfer now :/
    • ValiantSon
    • By ValiantSon 8th Mar 18, 7:59 PM
    • 2,013 Posts
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    ValiantSon
    • #5
    • 8th Mar 18, 7:59 PM
    • #5
    • 8th Mar 18, 7:59 PM
    I've tried doing it but Skipton doesn't accept anymore of the transfer forms so I really don't think it is possible from this point onwards. They have taken the transfer forms off of their website.

    Looks like I'll have to do a bank transfer now :/
    Originally posted by MissedLisaDeadline
    Look at the post above from Plus. This gives you a good workaround. You can transfer to AJ Bell into a S&S LISA, but you don't need to invest the money. Leave it as cash. Once the bonus has been paid, transfer it out again to Skipton!
    • MissedLisaDeadline
    • By MissedLisaDeadline 8th Mar 18, 10:28 PM
    • 7 Posts
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    MissedLisaDeadline
    • #6
    • 8th Mar 18, 10:28 PM
    • #6
    • 8th Mar 18, 10:28 PM
    Look at the post above from Plus. This gives you a good workaround. You can transfer to AJ Bell into a S&S LISA, but you don't need to invest the money. Leave it as cash. Once the bonus has been paid, transfer it out again to Skipton!
    Originally posted by ValiantSon
    Oh but I already opened a Skipton LISA account and paid £100 into it. Can I still open a Stocks and shares one with AJ Bell? I thought you couldn't open more than one in a tax year, are cash LISAs and S&S LISAs treated as different accounts?
    • ValiantSon
    • By ValiantSon 8th Mar 18, 11:17 PM
    • 2,013 Posts
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    ValiantSon
    • #7
    • 8th Mar 18, 11:17 PM
    • #7
    • 8th Mar 18, 11:17 PM
    Oh but I already opened a Skipton LISA account and paid £100 into it. Can I still open a Stocks and shares one with AJ Bell? I thought you couldn't open more than one in a tax year, are cash LISAs and S&S LISAs treated as different accounts?
    Originally posted by MissedLisaDeadline
    If you've already paid money into a LISA in this tax year then you can't pay any more in to a different one.

    S&S LISAs and cash LISAs are different, but you can only fund one in any tax year.

    I think that you may have prevented yourself from using the AJ Bell workaround by paying £100 into the Skipton LISA. Others may correct me, but I think that's it now.
    • MissedLisaDeadline
    • By MissedLisaDeadline 8th Mar 18, 11:37 PM
    • 7 Posts
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    MissedLisaDeadline
    • #8
    • 8th Mar 18, 11:37 PM
    • #8
    • 8th Mar 18, 11:37 PM
    If you've already paid money into a LISA in this tax year then you can't pay any more in to a different one.

    S&S LISAs and cash LISAs are different, but you can only fund one in any tax year.

    I think that you may have prevented yourself from using the AJ Bell workaround by paying £100 into the Skipton LISA. Others may correct me, but I think that's it now.
    Originally posted by ValiantSon
    Thank you. There is a 30 day cancellation period so I can cancel that LISA account with Skipton which then means I am free to open another LISA account, as I no longer have an open LISA account. The only problem is that I think this is a bit risky as I might not make it in time since I'm not sure how long Skipton needs to close my account.
    • ValiantSon
    • By ValiantSon 9th Mar 18, 12:02 AM
    • 2,013 Posts
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    ValiantSon
    • #9
    • 9th Mar 18, 12:02 AM
    • #9
    • 9th Mar 18, 12:02 AM
    Thank you. There is a 30 day cancellation period so I can cancel that LISA account with Skipton which then means I am free to open another LISA account, as I no longer have an open LISA account. The only problem is that I think this is a bit risky as I might not make it in time since I'm not sure how long Skipton needs to close my account.
    Originally posted by MissedLisaDeadline
    Phone them as early as possible tomorrow and ask. Then, assuming that the news is good, open the AJ Bell LISA straight away and fill in the transfer form to transfer the balance from your HTB as it was on 5th April 2017, so that you can get the LISA bonus.
    • MissedLisaDeadline
    • By MissedLisaDeadline 9th Mar 18, 12:17 AM
    • 7 Posts
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    MissedLisaDeadline
    Phone them as early as possible tomorrow and ask. Then, assuming that the news is good, open the AJ Bell LISA straight away and fill in the transfer form to transfer the balance from your HTB as it was on 5th April 2017, so that you can get the LISA bonus.
    Originally posted by ValiantSon
    Why only a portion of it? Is it because you think I should deposit the £4k allowance from different accounts so my remaining balance in my HTB benefits from the higher interest rate?
    • Curos
    • By Curos 9th Mar 18, 8:46 AM
    • 18 Posts
    • 6 Thanks
    Curos
    Why only a portion of it? Is it because you think I should deposit the £4k allowance from different accounts so my remaining balance in my HTB benefits from the higher interest rate?
    Originally posted by MissedLisaDeadline
    I can't speak for what VS was suggesting but personally I did exactly as you have suggested and left this tax years contributions in the HTB ISA to enjoy the interest rate and will contribute this year's £4k LISA allowance using recently-matured regular savers.
    • ValiantSon
    • By ValiantSon 9th Mar 18, 3:27 PM
    • 2,013 Posts
    • 1,863 Thanks
    ValiantSon
    Why only a portion of it? Is it because you think I should deposit the £4k allowance from different accounts so my remaining balance in my HTB benefits from the higher interest rate?
    Originally posted by MissedLisaDeadline
    Yes. Make use of the better interest rate in the HTB. You can transfer it near the end of next tax year to benefit from that year's bonus, having earned the interest in the HTB. I'd only recommend moving more now if the previous year's balance was less than £4,000.
    • Plus
    • By Plus 9th Mar 18, 9:21 PM
    • 355 Posts
    • 279 Thanks
    Plus
    I think that you may have prevented yourself from using the AJ Bell workaround by paying £100 into the Skipton LISA. Others may correct me, but I think that's it now.
    by ValiantSon
    I think you're OK if you deposited into the Skipton LISA, because you're transferring old money. In other words, you start off like this:

    HTB ISA 16/17 £nnnn @ Halifax
    HTB ISA 17/18 £zzzz @ Halifax
    LISA 17/18 £100 @ Skipton

    and you transfer the HTB 16/17 to AJ Bell:

    LISA 16/17 £nnnn @ AJ Bell
    HTB ISA 17/18 £zzzz @ Halifax
    LISA 17/18 £100 @ Skipton

    Once that's done, your HTB ISA is converted and there's no time limit on doing:

    HTB ISA 17/18 £zzzz @ Halifax
    LISA 16/17 + 17/18 £100+nnnn @ Skipton

    You're only able to transfer pre 6Apr17 HTB money in this instance, but anything you paid in in this tax year you could simply withdraw and pay directly into Skipton.
    Last edited by Plus; 09-03-2018 at 9:26 PM.
    • Alexland
    • By Alexland 9th Mar 18, 9:38 PM
    • 2,571 Posts
    • 1,953 Thanks
    Alexland
    From the government ISA Managers guidance:

    "9B.16 During 2017/18 tax year only, investors who are eligible to open a Lifetime ISA may make a single transfer of funds (including interest) up to the value built up in their Help to Buy: ISA as at 5 April 2017 into a Lifetime ISA, without this amount counting towards the £4,000 Lifetime ISA payment limit. However, any such transfer must not breach the 'one Lifetime ISA per tax year' rule."
    • Plus
    • By Plus 9th Mar 18, 9:57 PM
    • 355 Posts
    • 279 Thanks
    Plus
    Ah yes, you're right (9B.22):

    "Is a payment disregarded for the 'one LISA per tax year rule'?
    -> Funds held at 05/04/17 in Help to Buy: ISA and transferred to LISA before 6 April 2018 (see para 9B.15 - 9B.17): NO"

    (I have done this, but done the consolidation transfer before the end of the year so it will all appear as a single LISA in the HMRC return. I suppose I'll find out if this causes problems in due course!)
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