Made an error adding money to HL LISA

funkey_monkey · 7 January 2019 at 10:10PM

Hi,

I've got a Hargreaves Lansdown LISA which I wanted to add some money to. Unfortunately, I made a mess of the process and I've now created a S&S ISA alongside the LISA.

Essentially, I need to close the S&S ISA and transfer the funds into the pre-existing LISA.

Can I fix this myself and will this error invalidate my entitlement to the Government top-up?

Thanks.

eskbanker · 8 January 2019 at 1:58AM

Yes, you can fix it yourself and no, it won't invalidate your bonus entitlement.

You are allowed to pay into both a S&S ISA and a S&S LISA in the same tax year anyway, but if you want to transfer the money from the former to the latter, you can do so via https://www.hl.co.uk/investment-services/lifetime-isa/transferring.

I'm assuming that you have enough headroom in your LISA (i.e. you won't be breaching the £4K annual allowance) if you were trying to fund this in the first place....

Alexland · 8 January 2019 at 7:41AM

If you don't want to keep the S&S ISA contact them quickly to withdraw and cancel within the cooling off period to avoid the account closure fee.

Made an error adding money to HL LISA

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