Recognisable Structures in Wolverhampton

PIA Live News Feed

Saturday Papers: Turkish lira under renewed pressure

18/08/2018 08:06:00

And Trump asks SEC to study scrapping quarterly earnings reports.

FTSE falls as sanctions threat reignites Turkey sell-off

17/08/2018 12:59:00

Lira resumes slide after US threatens Turkey with more sanctions if jailed church minister is not released.

The Accumulator: sea of red turns investors defensive

17/08/2018 11:41:00

Investors flock to defensive assets after punishing week for global stock markets and commodities turns our Accumulator table red.

Turkey won't plunge emerging markets into crisis

17/08/2018 10:15:00

Emerging markets are in bear territory, but fears of a full-blown crisis are misplaced, says Citywire AA-rated fund manager Ewan Thompson.

Friday Papers: Trade conflict could trigger currency war

17/08/2018 05:05:00

And lira comes under new pressure after US warns of new sanctions.

The Expert View: BHP Billiton, Kingfisher and Auto Trader

17/08/2018 05:00:00

Our daily roundup of analyst commentary on shares, also including On the Beach and Marshalls.

Overnight Markets: US stocks rise on planned US-China trade talks

17/08/2018 03:26:00

Walmart surged 9.3% after it reported adjusted second-quarter earnings that topped expectations.

Funds sell UK stocks at fastest pace since Brexit vote

16/08/2018 16:22:00

Fears of a 'no deal' Brexit have led fund managers to sell UK stocks at their fastest pace since the month before the EU referendum.

IMPORTANT Message - Urgent consideration required before March 2018

Urgent consideration required before March 2018

Transferring a Help to Buy ISA to a Lifetime ISA

If you're thinking about transferring an existing Help to Buy ISA or other ISA into a Lifetime ISA before the deadline then this needs to be done before the end of this tax year (April 5th 2018). However because some Help to Buy ISA providers need to complete their internal processes in time, then they are suggesting that to be sure of meeting the cut-off date that you transfer before the 1 March 2018.

Why transfer your Help to Buy ISA now?

You can make a single transfer of the balance of a Help to Buy ISA as at 5 April 2017 without it counting towards your £4,000 annual Lifetime ISA allowance in the 2017/18 tax year. The whole amount you pay in will benefit from the 25% government bonus.

The following transfers will count towards your £4,000 Lifetime ISA allowance:

You can only use the bonus from either a Lifetime ISA or a Help to Buy ISA - and not from both - to buy your first home. Therefore, if you intend using the money in your Lifetime ISA for this purpose, the only way to ensure that you receive a 25% government bonus on the money you'd built up in your Help To Buy ISA before 6 April 2017 without affecting your Lifetime ISA allowance is to transfer it before the end of this tax year. You can use your Lifetime ISA to buy your first home 12 months after opening it.

Lifetime ISA Help to Buy ISA
How much can you save? £4,000/yr £2,400/yr (£3,400 in year one)
Can you put lump sums in? Yes No, you need to save monthly
What's the max bonus? £32,000 (assumes max contribution over 32 years) £3,000
When's the bonus paid? Annually (thus you get interest on the bonus once it's paid) When you buy a home (so no interest on the bonus)
Can you invest as well as save? Yes, with cash & shares Lifetime ISAs No. Cash only
What's the max property price? £450,000 £250,000 (£450k in London)
When can you use it to buy a home? After the ISA has been open 12mths Once you've £1,600+ saved (which can be done in three months)
Who can open it? Anyone aged 18 to 39 Any first-time buyer aged 16+
Can I withdraw money if not buying a house? Yes for retirement, but if earlier you won't get bonus and may pay a penalty (still being consulted on) Yes at any time, you just don't get bonus

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