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LISA(Lifetime ISA) and Help to buy ISA

jt93
jt93 Posts: 2 Newbie
in ISAs & tax-free savings
Hello,


I have been looking into both the LISA and Help To Buy ISAs and from what I've read I'm leaning towards the LISA as I'm unlikely to buy in less than 12 months.
My partner however already has a Help To Buy ISA.
Does anybody know if when the time comes for us to buy, could we both get the government bonus from both ISAs? I can't seem to find an answer anywhere online.


Thanks,
J

Comments

  • eskbanker
    eskbanker Posts: 39,832 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    jt93 wrote: »
    could we both get the government bonus from both ISAs?
    You can't both get the bonus from both, but you can each get the bonus from one or the other, and mixing is fine, i.e. one can use a LISA while the other uses a HTB.

    Subject of course to meeting all terms, e.g. recognising that the HTB property value cap (outside London) is lower than the LISA one for example....
  • jt93
    jt93 Posts: 2 Newbie
    Perfect, thank you.


    Apologies for the wording, we wouldn't both have both ISAs. It would be that I have the LISA and my partner would have the HTB.


    J
  • WalkBalk
    WalkBalk Posts: 1 Newbie
    Sorry to hijack this thread, is it possible to open both and contribute towards a HISA and LISA within the same tax year? I was put off by the declaration when opening up a LISA with Newcastle BS. I opened a HISA in May but it seems more sensible in my circumstances to open a LISA instead.
  • Alexland
    Alexland Posts: 10,561 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Yes you are fine to open and contribute to both a LISA and HTB ISA in the same tax year provided you haven't already contributed to another Cash ISA (HTB ISA is a type of Cash ISA) elsewhere.

    For example someone might want to concurrently save for both a first time property purchase (HTB ISA) and invest for retirement (LISA).

    Or purchase a property using the LISA and just get a good interest rate without bonus on the HTB ISA.

    Alex
  • JaneySnoos
    JaneySnoos Posts: 2 Newbie
    Sorry to butt in, but Is it still ok to continue contributing to a HTB isa opened in a previous tax year and open a LISA at age 18 and then contribute to that too, so contributions being paid to both in same tax year? I agree the Newcastle LISA declaration is confusing, hence my question!
  • eskbanker
    eskbanker Posts: 39,832 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    JaneySnoos wrote: »
    Sorry to butt in, but Is it still ok to continue contributing to a HTB isa opened in a previous tax year and open a LISA at age 18 and then contribute to that too, so contributions being paid to both in same tax year? I agree the Newcastle LISA declaration is confusing, hence my question!
    Yes, as above, you can contribute to both a HTB ISA and a LISA in the same tax year (regardless of when they were opened), as they're different types.

    And if using the LISA for buying a first property, you can't benefit from the 25% government bonus from both the HTB and the LISA, it's one or the other....
  • JaneySnoos
    JaneySnoos Posts: 2 Newbie
    Thank you, I’ll keep the HTB as it pays a fairly good interest rate even without a bonus but feel the LISA is needed as property bought is likely to be higher than £250 k outside London.
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