Can my mum pay a lumpsum of £4,000 into my Lifetime ISA?
08 September 2023
Question by Stacey
Answered by Lydia Taft
Thank you for your question.
The short answer is yes, your Mum can pay into your Lifetime ISA by gifting you the amount she wishes to contribute (£4,000 in this case). This will be eligible for the government top up of £1,000.
I must mention that this could count as a gift for Inheritance Tax purposes (for your Mum) if she has already utilised her gifting allowances for the tax year, and so this is worth some consideration. This may not be relevant if her estate is below the current threshold and unlikely to be liable to inheritance tax.
If you'd like any further information relating to the above, please do not hesitate to get back in touch.
I hope this is useful.