Lifetime ISAs guide
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True, but the AJ Bell LISA was funded by a transfer of subscriptions spanning 3 tax years. Two of which do not break the 'invalid combination of ISAs' rule.
Doesn't matter which year it relates to. The regulations specify that if you make a current year payment or a pre April 2017 HTB ISA transfer to more than one Lifetime ISA only one account is a valid account eligible for the bonus.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
AirlieBird wrote: »Doesn't matter which year it relates to. The regulations specify that if you make a current year payment or a pre April 2017 HTB ISA transfer to more than one Lifetime ISA only one account is a valid account eligible for the bonus.
http://www.legislation.gov.uk/uksi/2017/466/made
"New Regulation 4AA
9. After regulation 4A insert
...
(4) Where an investor has made current year payments or a payment described in regulation 10A(4)(c) to more than one Lifetime ISA, only one account will be a valid account which is eligible for the payment of a government bonus."
"New regulation 10A
21. After regulation 10 insert
...
(4) The following are not current year payments
...
(c)the first or only transfer from a Help to Buy ISA (as described in regulation 5DDC(6)) to a Lifetime ISA in the year 2017-18 in an amount not exceeding the balance on the Help to Buy ISA as at 5th April 2017 plus accrued interest."0 -
Do you have a link to the source of the information stating this (specifically that then current year subscriptions for 2017/18 AND HTB ISA transfer funds must reside together)? I see HMRC have got rid of the usual ISA Guidance Notes document and replaced it with a more vague help page.
I'm not sure it is in the guidance notes. It is in the legislation.
http://www.legislation.gov.uk/uksi/2017/466/regulation/9/made
(4) Where an investor has made current year payments or a payment described in regulation 10A(4)(c) to more than one Lifetime ISA, only one account will be a valid account which is eligible for the payment of a government bonus.
Where regulation 10A(4)(c) is
http://www.legislation.gov.uk/uksi/2017/466/regulation/21/made
(c)the first or only transfer from a Help to Buy ISA (as described in regulation 5DDC(6)) to a Lifetime ISA in the year 2017-18 in an amount not exceeding the balance on the Help to Buy ISA as at 5th April 2017 plus accrued interest.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
AirlieBird wrote: »I'm not sure it is in the guidance notes. It is in the legislation.0
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Thanks both - that’s really helpful (and also not the answer I was hoping for, oh well!).0
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hello peeps, i used my 20k allaownce this year on funding circle, do i have to wait till the next tax year to get a lisa? xx0
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hello peeps, i used my 20k allaownce this year on funding circle, do i have to wait till the next tax year to get a lisa? xx0
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The other option would be to withdraw £16k plus any interest from FC (unsure if they would allow or apply penalties) and transfer the £4k (but not a penny more) FC IFISA into a LISA.0
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oh thank you great replies, so next year i can put 16k in my isa and 4k for a lisa? thanks0
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Just wondering if anyones had 18/19 bonus paid in yet, I know it's still early?2021 - £11250 Saved || 2020 - £4750 Saved || 2019 - £4000 Saved || 2018 - £9000 Saved0
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