The world of ISAs can be a minefield. You can put £20,000 a year in an ISA. Unless it’s cash, then this allowance will reduce to £12,000 from April 2027 – but only if you’re under 65.
Or if it’s a lifetime ISA, then it’s £4,000 a year, but that’s being replaced by a first-time buyer ISA soon. If you’ve got a lifetime ISA you won’t be able to move it, but if you have an old help to buy ISA you might.
If you’ve got a stocks and shares ISA, you can currently move it to a cash ISA – except from next year you won’t be able to. Instead, you can move it to cash within the stocks and shares ISA itself. Careful though, as you’ll soon get taxed if you do.
Shorts
You can use the lifetime ISA to save for a home, but if you don’t you’ll pay a penalty. Unless you save it for retirement instead, in which case it’s fine.
