Share trading platform please

Nano said:
Just realised that from next week your are allowed multiple ISAs if the same type. I currently have a S&S ISA solely for low cost index trackers and I have some shares in a General Investment Account because my ISA provider only do index funds and ETFs. I can now move my GIA into an ISA.
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On ISA's and lifetime ISA's, is there anything to stop you putting your £4k allowance into a high risk stocks and shares ISA for the majority of the year to get that benefit and then throwing the £4k into the lifetime ISA at the end of the financial year to get the £1k? Thinking is that any losses from the high risk stocks and shares could be offset by the £1k.
 
Humpty said:
On ISA's and lifetime ISA's, is there anything to stop you putting your £4k allowance into a high risk stocks and shares ISA for the majority of the year to get that benefit and then throwing the £4k into the lifetime ISA at the end of the financial year to get the £1k? Thinking is that any losses from the high risk stocks and shares could be offset by the £1k.
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I've never used a lifetime ISA so I'm not certain but I think you can use a lifetime ISA in exactly the same way as an ISA so no need to transfer between. Just hold riskier assets in your LISA The only issue is getting money out of a lifetime ISA incurs a bigger penalty than the bonus you get for putting in so you couldn't do it the other way around. It would be better in the LISA because you'd be gettingreturns on the bonus as well. If you only wanted this year's allowance to be risked then you should be able to do that within the LISA so 4k is in riskier stocks and the rest is in something safer.

Typically a LISA is used to buy a house and you wouldn't wan high volatility in those savings because you might have less than you started with in a short time frame. If you are not going to withdraw until you are 55 though then it's a good way to get an instant return with the bonus but you have to wait until you can withdraw it.
 
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