New Lifetime ISA

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Alicat_uk
Alicat_uk Posts: 3 Newbie
in ISAs & tax-free savings
I'm new to Forums so please forgive any errors.

The new lifetime ISA as I understand is for 1st time buyers or pensions. My son is talking about opening one of these accounts in April as a saving plan for buying a property. However, he is a trustee (along with me) on his deceased grandmother's flat. Would that make him ineligible? Many thanks

Alicat

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  • masonic
    masonic Posts: 23,275 Forumite
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    Being a trustee would not be a problem. Being a beneficiary might be.
  • Alicat_uk
    Alicat_uk Posts: 3 Newbie
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    So, do you mean he would not be treated as a 1st time buyer as he has inherited an interest in the flat? Thank you
  • masonic
    masonic Posts: 23,275 Forumite
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    Alicat_uk wrote: »
    So, do you mean he would not be treated as a 1st time buyer as he has inherited an interest in the flat? Thank you
    If he has inherited an interest in the flat, he would not qualify for a penalty free withdrawal to buy property.
  • Alicat_uk
    Alicat_uk Posts: 3 Newbie
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    Many thanks x
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