Lifetime ISA need some help

🤝 Help
1

Hi Everyone,
New to Trading 212. I have an ISA Account with trading 212, thinking to open a lifetime ISA. Would it be possible to have a
stocks isa with t212 and a LISA with nutmeg or moneybox or other apps?
What are the legalities?
Thank you🙏

2

There are 4 types of ISA:

  • cash ISAs
  • stocks and shares ISAs
  • innovative finance ISAs
  • Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

So you would be able to open one of each, as they are not overlapping.
The £20,000.00 cap applies across all ISAs though.

I highly suggest you check out the official page by HMRC as this irons out all the details.

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3

In short, yes you can have both, just don’t go over £4,000 in the LISA and £20,000 in total in all of them

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4

The above is not correct

5

It is correct, you can put money into one of “each kind” of ISA each tax yer.

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6

Yea, I copied pasted all that from the HMRC website (as I am actually notorious for getting ISA things wrong - which @CavanHaganInvesting can attest to. lol :smiley: )

So the info should be correct, HMRC wrote it.

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7

Also important to quote the one. You can’t deposit into the same kind of ISA on two accounts in one tax year. Eg. You can’t open a LISA on Hargreaves Lansdown and Moneybox this tax year. You’d either need to transfer the ISA, or wait until the next tax year to open a new one and then don’t deposit into the old one

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