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  • FIRST POST
    • CarlosCW91
    • By CarlosCW91 8th Feb 18, 9:02 PM
    • 6Posts
    • 2Thanks
    CarlosCW91
    Mistake.. Should've opened a LISA
    • #1
    • 8th Feb 18, 9:02 PM
    Mistake.. Should've opened a LISA 8th Feb 18 at 9:02 PM
    Hi all,

    What's the best course of action if i've opened a H2B ISA in the 2017/18 tax year but want to make use of this tax year for the LISA bonus?

    It obviously makes sense to go with the LISA as i'll get 1000 bonus for the 2017/18 tax year but don't know where i stand as far as opening a LISA now that I have already opened a cash ISA for this financial year?

    Am i right in thinking I'm going to have to close the H2B ISA, THEN open a LISA? I can't, for example, open a LISA now and then transfer the H2B in can I?

    Cheers in advance.
Page 1
    • ValiantSon
    • By ValiantSon 8th Feb 18, 9:14 PM
    • 1,846 Posts
    • 1,713 Thanks
    ValiantSon
    • #2
    • 8th Feb 18, 9:14 PM
    • #2
    • 8th Feb 18, 9:14 PM
    Open a LISA and transfer in the HTB.
    • CarlosCW91
    • By CarlosCW91 8th Feb 18, 9:17 PM
    • 6 Posts
    • 2 Thanks
    CarlosCW91
    • #3
    • 8th Feb 18, 9:17 PM
    • #3
    • 8th Feb 18, 9:17 PM
    But you can only open one cash ISA per tax year no? Therefore I'd be opening 2 in one tax year even though it's only temporary?
    • ValiantSon
    • By ValiantSon 8th Feb 18, 9:26 PM
    • 1,846 Posts
    • 1,713 Thanks
    ValiantSon
    • #4
    • 8th Feb 18, 9:26 PM
    • #4
    • 8th Feb 18, 9:26 PM
    But you can only open one cash ISA per tax year no? Therefore I'd be opening 2 in one tax year even though it's only temporary?
    Originally posted by CarlosCW91
    You can open both an HTB and a LISA in the same year.

    https://www.moneysavingexpert.com/savings/lifetime-ISAs?_ga=2.221523869.422122905.1517614376-1520321530.1473373186#buyingaproperty
    • Alexland
    • By Alexland 8th Feb 18, 9:32 PM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    • #5
    • 8th Feb 18, 9:32 PM
    • #5
    • 8th Feb 18, 9:32 PM
    A LISA even in cash is not a type of Cash ISA - you are fine.

    If you don't intend to use much of your 20k ISA allowance this tax year then it might just be easier to open a LISA and add 4k cash (withdrawing from the HTB ISA if you don't have enough on hand).

    Alex
    • CarlosCW91
    • By CarlosCW91 8th Feb 18, 9:38 PM
    • 6 Posts
    • 2 Thanks
    CarlosCW91
    • #6
    • 8th Feb 18, 9:38 PM
    • #6
    • 8th Feb 18, 9:38 PM
    Cheers guys - Thanks for your help - the Cash ISA allowance per tax year was what was throwing me!
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