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  • FIRST POST
    • OliOliOli
    • By OliOliOli 10th Mar 18, 5:52 PM
    • 2Posts
    • 0Thanks
    OliOliOli
    Transfer to AJBell LISA / pay in Skipton LISA
    • #1
    • 10th Mar 18, 5:52 PM
    Transfer to AJBell LISA / pay in Skipton LISA 10th Mar 18 at 5:52 PM
    Hi

    I opened up a Skipton LISA but realised that I've missed the deadline for transferring my existing HTB ISA in for this financial year. The MSE LISA guide suggests opening a stocks and shares LISA but I wasn't sure on the details. My new plan would be:

    Open an AJ Bell stocks and shares LISA and transfer in my HTB ISA (I have money from last year and 2.4k from this year) as they are still accepting transfers.

    Am I then allowed to put in 1.6k from my current account into the Skipton LISA? Not sure if transferring an ISA into one LISA and putting new money into another LISA breaks the rules? Would keep to the 4k limit obviously however not sure if interest on the 17/18 money means I put in a bit less than 1.6k

    Next year I would then look to merge my LISAs and transfer the AJ Bell money into the Skipton account. Would that transfer count against my 4k limit for 18/19?

    Thanks for your help. Oli
Page 1
    • eskbanker
    • By eskbanker 10th Mar 18, 7:16 PM
    • 7,094 Posts
    • 7,522 Thanks
    eskbanker
    • #2
    • 10th Mar 18, 7:16 PM
    • #2
    • 10th Mar 18, 7:16 PM
    No, you're not allowed to have 2017/18 money in both a Skipton LISA and an AJ Bell LISA, it has to be one or the other.

    Clause 3.14 of the scheme rules makes it clear that you'd be regarded as having subscribed to two LISAs in the same tax year in the scenario you paint and so therefore it isn't permitted:
    Where the investor transfers current year subscriptions from one type of ISA to another the subscriptions are treated as if they were made to the receiving ISA.
    Transferring from one LISA to another in the 2018/19 tax year wouldn't count towards your 4K annual allowance though.
    • OliOliOli
    • By OliOliOli 10th Mar 18, 8:07 PM
    • 2 Posts
    • 0 Thanks
    OliOliOli
    • #3
    • 10th Mar 18, 8:07 PM
    • #3
    • 10th Mar 18, 8:07 PM
    Thanks, that's really helpful.

    I'll put the full 4k in AJ Bell LISA and fingers crossed the transfer happens in time
    • ValiantSon
    • By ValiantSon 11th Mar 18, 12:56 PM
    • 1,824 Posts
    • 1,693 Thanks
    ValiantSon
    • #4
    • 11th Mar 18, 12:56 PM
    • #4
    • 11th Mar 18, 12:56 PM
    Thanks, that's really helpful.

    I'll put the full 4k in AJ Bell LISA and fingers crossed the transfer happens in time
    Originally posted by OliOliOli
    You may have already thought of this, but you don't have to actually invest the money once it is with AJ Bell, it can remain as cash in your account. As you are looking for a cash LISA longer term it wouldn't make sense to invest the AJ Bell money.
    • Alexland
    • By Alexland 11th Mar 18, 1:05 PM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    • #5
    • 11th Mar 18, 1:05 PM
    • #5
    • 11th Mar 18, 1:05 PM
    What are you going to do about your Skipton LISA? I assume you contributed at least 1 when you opened it? Are you going to ask AJ Bell to transfer it and hope you end the tax year with one LISA?
    • Federica Canosci
    • By Federica Canosci 11th Mar 18, 3:47 PM
    • 1 Posts
    • 0 Thanks
    Federica Canosci
    • #6
    • 11th Mar 18, 3:47 PM
    • #6
    • 11th Mar 18, 3:47 PM
    I have an ISA saving account and I missed the deadline to transfer into skipton Lisa, what should I do and which is the best way to receive the bonus for 2017/2018 while transferring my ISA ???
    Thank you
    • eskbanker
    • By eskbanker 11th Mar 18, 4:15 PM
    • 7,094 Posts
    • 7,522 Thanks
    eskbanker
    • #7
    • 11th Mar 18, 4:15 PM
    • #7
    • 11th Mar 18, 4:15 PM
    I have an ISA saving account and I missed the deadline to transfer into skipton Lisa, what should I do and which is the best way to receive the bonus for 2017/2018 while transferring my ISA ???
    Thank you
    Originally posted by Federica Canosci
    As Skipton is the only cash LISA on the market, the only option left is to transfer into a S&S LISA, although there are still no guarantees that there's enough time left in the tax year to use your 2017/18 LISA allowance by doing so.

    It may make sense to withdraw from your ISA in cash and pay up to 4K into a LISA as this should be possible before the end of the tax year, but it depends what sort of ISA it is, e.g. is it a Help To Buy and if so, how much is in it and how much was paid in before 2017/18?
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