Two transfers in the same tax year

garcey448 · 16 July 2019 at 3:51PM

Hi all,

Recently I transferred my Skipton cash Lisa to the Newcastle Lisa to gain the higher interest rate. After sorting all of that out and using up my Lisa allowance for the same tax year I found the moneybox Lisa on mse. Of course now I'd like to transfer again for the higher rate. My question is whether I'm allowed to transfer again in the same tax year?

Alexland · 16 July 2019 at 4:13PM

Yes it's fine to do multiple transfers in the same tax year.

scanz · 18 July 2019 at 10:01AM

Apologies to hijack the thread, but I have a related question to transfers... does the requirement of the LISA being open for a year before being used towards a deposit apply to when the current/original account was opened or when the transfer completes to the new account?

badger09 · 18 July 2019 at 2:16PM

scanz wrote: »

Apologies to hijack the thread, but I have a related question to transfers... does the requirement of the LISA being open for a year before being used towards a deposit apply to when the current/original account was opened or when the transfer completes to the new account?

12 months applies to date the first LISA account was opened.

Otherwise, the 12 month 'clock' would reset after each transfer;)

scanz · 18 July 2019 at 2:26PM

badger09 wrote: »

12 months applies to date the first LISA account was opened.

Otherwise, the 12 month 'clock' would reset after each transfer;)

Yeah that's what I thought and at the same time got me wondering and confused

Thanks.

Two transfers in the same tax year

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