Lifetime ISAs guide

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  • EmmaJD
    EmmaJD Posts: 1 Newbie
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    I have a question.

    If I transfer my existing money from my Newcastle LISA to Moneybox LISA, will I still be able to put £4000 in before April or will the transfer count as me adding money into the account so I wont be able to add in my yearly £4000 for this year?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    LISA to LISA transfers don't count against the £4k contribution limit. The old provider would tell the new provider how much you have subscribed in the current tax year (sounds like £0) and the new provider would allow you to continue to subscribe until you reach the limit.
  • theshed
    theshed Posts: 223 Forumite
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    I am a little confused by Life Time ISA's.
    My Daughter had a Help to Buy ISA, but did not actually use it, as a house purchase came up quicker than expected.
    Now, two questions. Can the Help to Buy be transferred into a L-isa.
    And, does the Stocks & Shares ISA qualify for the Gov't 25% 'Bonus' ?
    Thanks
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    theshed wrote: »
    I am a little confused by Life Time ISA's.
    My Daughter had a Help to Buy ISA, but did not actually use it, as a house purchase came up quicker than expected.
    Now, two questions. Can the Help to Buy be transferred into a L-isa.
    And, does the Stocks & Shares ISA qualify for the Gov't 25% 'Bonus' ?
    Thanks
    If your daughter has a HTB ISA but now owns a property then she needs to close it, but can do this by transferring to other types of ISA, although can't pay any more than £4K into a LISA in any given tax year, even by transferring.

    A S&S Lifetime ISA (as opposed to a S&S ISA, which is different) does benefit from the 25% bonus, but for those who are already property owners, funds can't be withdrawn from a LISA without a 25% withdrawal penalty until after age 60.
  • bry54
    bry54 Posts: 46 Forumite
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    Could a LISA be used in conjunction with a self certification mortgage from Europe?
  • masonic
    masonic Posts: 23,275 Forumite
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    bry54 wrote: »
    Could a LISA be used in conjunction with a self certification mortgage from Europe?
    Potentially yes, if all the other terms of the scheme were complied with, but you'd need to get specific advice if you wanted to ensure the mortgage met the legal requirements of the scheme.
  • sophiemw9696
    sophiemw9696 Posts: 1 Newbie
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    I'm not sure if this has already been covered on here but I have read online that if you're enrolled into a workplace pension scheme (I am a local council employee) this can disable your entitlement to the government subsidy, can someone please confirm this and explain it? I'm confused and frankly anxious as I seem to favour the LISA rather than H2B. Thanks in advance, Sophie
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    sophiemw9696 wrote: »
    I'm not sure if this has already been covered on here but I have read online that if you're enrolled into a workplace pension scheme (I am a local council employee) this can disable your entitlement to the government subsidy, can someone please confirm this and explain it? I'm confused and frankly anxious as I seem to favour the LISA rather than H2B. Thanks in advance, Sophie
    Your eligibility to contribute to LISAs and benefit from bonuses is completely unrelated to, and unaffected by, pension arrangements, where did you read otherwise?
  • rfielding
    rfielding Posts: 5 Forumite
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    Hello there,

    I’ve tried to search, but with 108 pages I haven’t had any luck! I’ve recently used my LISA to buy my first house. Can I now open another LISA to plan for retirement, or is the LISA a 'once in a lifetime' account? Many thanks!
  • eskbanker
    eskbanker Posts: 31,047 Forumite
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    rfielding wrote: »
    I’ve recently used my LISA to buy my first house. Can I now open another LISA to plan for retirement, or is the LISA a 'once in a lifetime' account?
    If your first LISA is still open then you can continue to use it.

    If you closed it then you can start another one but would need to wait until next tax year if you paid anything into the first one during 2019/20.
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