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    • Home • Advice • Common questions

    Will I have to wait until April 2024 to have access to my LISA bonus?

    24 July 2023

    Question by Alex

    I have put in 4k into my LISA as of this month (January).

    In April (new tax year), I intend to max out again 4k (8k total).

    By January 2024 (1 year after account opened) will I have access to the 25% bonus of 8k, or 4k?

    Or will I have to wait until 2024 April for it to be 12 months since the account had 8k?

    Answered by Boring Money

    Hi, you will have access to the bonus of the total amount i.e., £2k, in the particular example.

    Please be aware that you will be able to access the Government's bonus only in the following circumstances:

    • Buying a first home

    • Saving for retirement

    • You have been diagnosed with a terminal illness

    If you are planning to buy your first home. The property needs to be in the UK and cost £450,000 or less.

    • You are buying the property 12 months after you make your first payment into the Lifetime ISA.

    • You are buying with a residential mortgage (buy-to-let is not permitted).

    • You have never owned a property - in the UK or abroad. If you have owned a property (or a share of one) through inheritance, this counts as owning a property and you will not be eligible to use their LISA as a first-time buyer.

    Answered by

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    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
    Risk warningAs is always the case with investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatment depends on your individual circumstances and may change in the future.
    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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