Yes, you can contribute to your child’s, grandchild’s or anyone else’s Lifetime ISA.
Lifetime ISAs can be a great way of providing a nest egg for your children or grandchildren while you are still living. They are less accessible than a traditional ISA, and so offer some built-in protection from unwise spending.
The inheritance rules for the Lifetime ISA are the same as all other types of ISA.
Potentially yes, if you set up your contributions to someone’s Lifetime ISA as regular payments and they’re regarded as gifts for inheritance tax purposes. For more information, read our article how to (almost) double your children’s inheritance.
A Lifetime ISA may not be right for everyone
As with all investing, your capital is at risk. The tax treatment depends on individual circumstances and may be subject to change in the future. If you are unsure if a Lifetime ISA is the right choice for you, please seek financial advice.
Our team of specialists can help answer any questions you may have.