Transfer Lifetime ISAs between managers

Find out about transferring Lifetime ISAs to a new Lifetime ISA manager or another type of ISA.

Transfer Lifetime ISAs between Lifetime ISA managers

You can transfer Lifetime ISAs between Lifetime ISA managers without incurring a withdrawal charge.

There is no limit on the transfer amount. You must transfer any current year payments in full to the new Lifetime ISA manager.

A Lifetime ISA transfer:

  • must be within 30 calendar days of receiving the investor’s transfer request
  • can have any outstanding bonus claimed by the receiving Lifetime ISA manager
  • must have all relevant account information provided to the receiving Lifetime ISA manager

Government bonus claims

If the transferring Lifetime ISA manager has submitted a government bonus claim and it has not been received before the transfer, it’s their responsibility to transfer the government bonus to the new Lifetime ISA manager.

Transfer Lifetime ISAs to other types of ISAs

You can also transfer Lifetime ISAs to other types of ISAs. These transfers are treated as a withdrawal from the Lifetime ISA and are subject to a 25% withdrawal charge unless:

  • the transfer happens after the investor’s 60th birthday
  • the investor has declared that they have a terminal illness

The receiving ISA manager must notify the transferring ISA manager if the account is not a Lifetime ISA. The transferring manager can then apply the 25% withdrawal charge.

Transfer from an ISA to a Lifetime ISA and partial transfers

Investors can transfer previous year payments to a Lifetime ISA from a different type of ISA (for example, from a cash ISA to a Lifetime ISA). The value transferred to the Lifetime ISA will count towards the £4,000 annual Lifetime ISA payment limit but not the overall ISA payment limit for the tax year.

Partial transfers from previous year’s ISA payments are permitted however when the transfer includes current year payments, this must be transferred in full. This will count towards the overall ISA payment limit.

When transferring cash or investments into a Lifetime ISA from another ISA, the date of receipt is the date of receipt into the account.

As with other ISA transfers, you are not obliged to accept transfers in from another ISA manager.

Read more about transferring an ISA.

Published 12 March 2020