LISAs
Colin1980
Member
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!
Comments
Hi Colin - why can't it stay where it is?
I am not 100% sure as yet as dont have the full information - however I think it maybe a Cash LISA.