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

Boring Money