Looking for thoughts on this scenario.

Client has existing LISA.
The provider we use does not accept transfers in from existing LISA/ISA into their LISA - only new contributions.

Therefore, this would have to be a withdrawal of £5,333 from the existing LISA (suffering a 25% charge - £1,333) receiving £4K net in their hands - pay this £4K back into the new LISA - but only receiving the £1000 bonus.

Alternatively, find a provider which accepts transfers in!


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