Lifetime isa question.

413x

413x

413x

Caporegime
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I want to potentially switch my help to buy isa to a Lisa.
I want to do this as I can save more than 200 a month.

This would be for 1st home.

What I can't seem to find out is: if I use the Lisa for a home, can I then open another new one for the 'retirement' bonus?
 
Yeah I already max out my employer contribution @ 10pc.
It' mainly for house as can get 25pc from help to buy on a larger amount per month.

What I didn't want to do was transfer from help to buy and lose Lisa if I do later fancy it for the lifetime portion.
But knowing you just keep it open sorts that
 
Deciding to start this up and convert my help to buy to this. I can save 400+ per month. Which is loss against the help to buy
 
I think I had 4290 in my help to buy on 5th April 2017.
So I could get 8290 in there before the new tax year then stick another 4k in in May. So that would give 12290?

I think that makes sense
 
Moses said:
It’s the amount paid in this tax year.

And yes, that’s the transfer amount. Skipton’s telephone support was good for me, so ring them and confirm anything you’re not sure about. Didn’t have to wait long and they were helpful etc.



It’s just,

16/17 = anything in your help to buy isa before the end of that tax year which you’re just moving over (not certain on interest).
17/18 = £4k
18/19 = £4k

So basically yes.
Click to expand...

How do they work out you haven't put too much in?
 
Moses said:
What do you mean? On the form you effectively tell them ‘hi I have an isa please transfer last year’s subscriptions. Leave this year’s subscriptions where they are’. So they know that for 17/18 you have your full allowance left.

Or if you transfer everything you say, ‘hi, I’m transferring everything from x ISA, but £y was paid in this year’. So they know that for 17/18 you have £4k-£y of allowance left.
Click to expand...

how do they know that you havent put too much in from a transfer?
Do they get information from your other provider that you had xxxx in at 5th of april 2017?
 
I've decided to max it out.

In the end will be 12k in the Lisa by end of April 2018. (4k transfer, 4k 17/18, 4k 18/19)
And 2600 (ish) left in the help to buy
I'll leave everything after April 17 in the help to buy.
I'll declare to hmrc I want the bonus on the Lisa and keep paying into the help to buy as it's 3.5pc
 
DJMK4 said:
Just making sure I'm not going to miss out (as I already have done leaving it too late) I opened h2b in April 2016 been paying in to that since, only just started with a lifetime ISA in Jan/feb 2018 stupidly but there is no point in me transferring if im looking to buy this year. Even if I transfer the amount I have from my h2b ISA in to the lifetime ISA I would hit a limit
Click to expand...

If you aren't buying within the year transfer to a Lisa. Thats providing you can save more than 200ppm.

Why. Because the transfer of pre April 5th 2017 contributions does not contribute to your 17/18 allowance.
 
I have another question.
I have an LISA open now with 8k in.
I put another 4k in on April 10 2018(new tax year)
And another 4k on April 10 2019 (new tax year)

Can I then claim the bonus on the full 16k as the Lisa has been open a year but the last 4k has only been in a day?
 
VincentHanna said:
I'm being dense - I have £6500ish from Halifax HTB transfer and will pay in the remaining 2K allowance of this tax year by the end of March so I will have that as well :)
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Same as me. Exactly same amount.

I've kept the remaining 2k in my help to buy and I'm not closing it as it's such (relative) a great isa rate. And it has no penalty for extraction.
 
VincentHanna said:
Question: I set one up for my fiancée, because she's not great at that sort of thing but I paid the £1 from my own debit card when I opened it.

Will this cause any issues?
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VincentHanna said:
I stupidly closed mine, I had 3.5%
Click to expand...

Yes, that's why I've kept mine. I need to see if I can add more than 200 ppm to it. As now it's effectively just a cash isa. I dunno.
But that 3.5pc will be worth about 100 quid come year end. More than the lowly 0.75 on Lisa!
 
VincentHanna said:
Just got this email:




So are they going to pay out the 25% bonus based on exactly what's in your account by 5th April? Or can you cheat the system, pay in another £4000 before 4th May and get the bonus on that too?
Click to expand...

I also just got this.
I didn' rrealise the bonus gets paid every year? Is that what I'm reading?

I assumed you got 25pc of what ever was in your Lisa when it came to buying a house.
Not a 25pc bonus every year?
 
VincentHanna said:
Seems that way doesn't it?

I assumed you only got it at the point you were buying a house.

But I guess this way is easier.
Click to expand...

I'm guessing you only get the bonus on the years additions?

So next year when I have 12k in there it won't be 25 pc of 12k but the 4 I put in that year?
 
Thanks for the info! I assumed based on a few days ago it was better to put 4k in at the start.
Because of the paltry interest seems better to dump that 4k as late as possible

So 4k from help to buy
4k for this tax year
Another 4k next march

One thing that scuppers some. Ideas is I thought the bonus was paid on cash in.
So this means I can't add 4k in April 10th 2019 and claim that bonus on the total as bonus is being paid. Month on month.

It makes. Sense, but I was optimistically hoping to get the bonus on whatever was in at time of cash in.

So it's actually quite close to being more worth while to Continue the help to buy rather than this Lisa if buying in 1 year.

Thanks goodness I didn't close my help to buy.

Q. Does anyone still have their Halifax cash help to buy..

What I want to do is see if I can treat my help to buy as a cash isa now and put more than 200ppm in.
As it pays 3.5pc.
But I'm not sure as it is help to buy by label.
But I'm not using it for help to buy purposes.
 
Last edited:
Robi said:
Alongside a bunch of other accounts, I've been saving the maximum into a HTB ISA since day 1. I'm planning to buy during the first half of 2019, at which point I should receive a bonus of £2,250 from said ISA. Little point switching to a LISA now as the bonus will be lower and I can't open both concurrently right?
Click to expand...
You can't get the bonus on both. So yeah max bonus on Lisa now would be 2000 if you were buying in 12 months
1000 in 11 months.
Stick with HTB
 
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