archie
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Post by archie on Feb 9, 2018 7:26:58 GMT
Does anyone know the rules about opening prior to 40? ie. if you dont, do you miss out on ever opening one? If you open one prior, can you open more after 40? Can you transfer after 40? You can't open one after 40 or contribute after 50 :- www.gov.uk/lifetime-isa
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stevio
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Post by stevio on Feb 9, 2018 7:48:53 GMT
Does anyone know the rules about opening prior to 40? ie. if you dont, do you miss out on ever opening one? If you open one prior, can you open more after 40? Can you transfer after 40? You can't open one after 40 or contribute after 50 :- www.gov.uk/lifetime-isaSo you would need to transfer to a different LISA if you wanted to move provider after 40? Are you able to do a partial transfer and keep existing provider?
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hazellend
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Post by hazellend on Feb 9, 2018 7:56:18 GMT
Iif somebody is 40 at the end of this month. Do they have to open a LISA before then or do they have until the end of the tax year?
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stevio
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Post by stevio on Feb 9, 2018 8:10:35 GMT
Iif somebody is 40 at the end of this month. Do they have to open a LISA before then or do they have until the end of the tax year? Before their 40th Birthday Anyone compared LISAs or willing to share their reasons for choosing a specific one over the others?
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hazellend
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Post by hazellend on Feb 9, 2018 8:11:55 GMT
Iif somebody is 40 at the end of this month. Do they have to open a LISA before then or do they have until the end of the tax year? Before there 40th Birthday Thanks
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SteveT
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Post by SteveT on Feb 9, 2018 8:12:50 GMT
Iif somebody is 40 at the end of this month. Do they have to open a LISA before then or do they have until the end of the tax year? " You must be 18 or over but under 40 to open a Lifetime ISA" Would be wise to get it opened before they turn 40! There aren't many options out there for S&S investments but HL seemed the obvious choice for my son (AJ Bell is about the only other funds supermarket to offer LISAs). It took no more than 10 minutes to open the HL account online and make the first funds deposit by debit card.
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alanp
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Post by alanp on Feb 9, 2018 8:22:42 GMT
I'm not under 40 so can't have a LISA, but what I have realised over the years is that financial "comfort" comes from having flexibility and options as much as anything (once you have some savings / investments).
Options allow you to make choices.
If you are under 40 why wouldn't you open a LISA even if you don't need it now because you "have a house" - "have a pension" or whatever? Even if you just open one with a few quid and leave it dormant until you can find a use for it.
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archie
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Post by archie on Feb 9, 2018 8:37:25 GMT
So you would need to transfer to a different LISA if you wanted to move provider after 40? Are you able to do a partial transfer and keep existing provider? I believe the transfer rules are the same as for other ISAs. You can only contribute new money to one LISA each tax year but can open more than one. You are free to transfer providers. I don't qualify so haven't researched it in depth.
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jonah
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Post by jonah on Feb 9, 2018 11:25:35 GMT
So you would need to transfer to a different LISA if you wanted to move provider after 40? Are you able to do a partial transfer and keep existing provider? I believe the transfer rules are the same as for other ISAs. You can only contribute new money to one LISA each tax year but can open more than one. You are free to transfer providers. I don't qualify so haven't researched it in depth. True but it’s LISA to LISA only, can’t transfer to a normal cash or s&s isa as I understand it.
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jonah
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Post by jonah on Feb 9, 2018 11:29:22 GMT
Iif somebody is 40 at the end of this month. Do they have to open a LISA before then or do they have until the end of the tax year? Before their 40th Birthday Anyone compared LISAs or willing to share their reasons for choosing a specific one over the others? Only 1 cash isa which is Skipton Building Society. S&S self select either HL or youinvest I believe. One has much lower charges than the other for most things.  There are 2 or 3 Robo products e.g. nutmeg but I’ve not looked in depth as not really interested in that model. For my opinion it’s not really a hard choice... a “placeholder” would be via Skipton ie cash. A fully used isa from your favourite from the above.
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archie
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Post by archie on Feb 9, 2018 11:38:13 GMT
I believe the transfer rules are the same as for other ISAs. You can only contribute new money to one LISA each tax year but can open more than one. You are free to transfer providers. I don't qualify so haven't researched it in depth. True but it’s LISA to LISA only, can’t transfer to a normal cash or s&s isa as I understand it. Not sure if you could but there are penalties (25%) for withdrawing from a LISA unless it completes the objective (first house/retirement).
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jonah
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Post by jonah on Feb 9, 2018 12:22:46 GMT
True but it’s LISA to LISA only, can’t transfer to a normal cash or s&s isa as I understand it. Not sure if you could but there are penalties (25%) for withdrawing from a LISA unless it completes the objective (first house/retirement). You are correct. www.gov.uk/lifetime-isa
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starfished
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Post by starfished on Feb 10, 2018 13:59:54 GMT
There are 2 or 3 Robo products e.g. nutmeg but I’ve not looked in depth as not really interested in that model. I am currently deciding whether to open a S&S LISA, out of interest why are you not interested in the Robo model?
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