Is it possible to transfer one LISA account with a balance in excess of £4,000?

Is it possible to transfer one LISA account with a balance in excess of £4,000 into an existing LISA account?

If so, is it also possible to open a new LISA in the same financial year and pay in the full allowance of £4,000?

Hello Charlotte,

Yes you can consolidate a previous year LISA with a LISA that has been set up this year. The fact that it is over £4,000 is not a problem. You can only have one LISA allowance per year however so in effect you can only put £4,000 of new money into your LISA in one tax year.

If you need to chat feel free 15 minute chat appointment with me via the link below :-)

https://calendly.com/maryrosewoodfinancialplanning

Mary