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Government Bonus from Lifetime iSA

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waseem1234
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Posts: 3
Joined: Sun Feb 16, 2020 10:04 pm

Government Bonus from Lifetime iSA

Post by waseem1234 » Sun Feb 16, 2020 10:12 pm

Hi All,

So i am a little short on the £18600 limit, around £1.50
I have a lifetime ISA where i received the government bonus

Would this count as income from non employment similar to interest received on savings?

Thanks in advance

geoeng
Senior Member
Posts: 871
Joined: Fri Aug 30, 2019 11:54 am
Canada

Re: Government Bonus from Lifetime iSA

Post by geoeng » Mon Feb 17, 2020 9:28 am

waseem1234 wrote:
Sun Feb 16, 2020 10:12 pm
I have a lifetime ISA where i received the government bonus

Would this count as income from non employment similar to interest received on savings?
I don't know a definite answer to this, but given the government bonus is not actually interest received on savings nor is the bonus one of the other specified allowable source of non-employment income, I would guess the answer is likely to be no.

That said, any interest received from Lifetime ISA savings or any other savings accounts could conceivably be used if the requirements are met and the specified evidence can be provided..
I'm just a guy on the Internet who immigrated to the UK. My opinions are based on my experience and interpretation of the immigration rules and should not be considered legal or immigration advice; your mileage may vary.

secret.simon
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Posts: 7704
Joined: Thu Feb 21, 2013 9:29 pm

Re: Government Bonus from Lifetime iSA

Post by secret.simon » Mon Feb 17, 2020 2:35 pm

waseem1234 wrote:
Sun Feb 16, 2020 10:12 pm
I have a lifetime ISA where i received the government bonus

Would this count as income from non employment similar to interest received on savings?
I doubt it. Essentially the bonus on the Lifetime ISA is effectively a return of the income tax that has been paid on the amount that was invested in the Lifetime ISA. As it is a return of the income tax, that amount would have been included in your gross earnings/salary.

Also, while the bonus is nominally in your account, you can only access it at the time of either purchasing a first house or at the time of retirement. Else, you would pay a fine which is more than the bonus that you have earned. So you would not have easy access to the bonus component of the ISA.

So, I think it is unlikely to count as an earning.
I am not a lawyer or immigration advisor. My statements/comments do not constitute legal advice. E&OE. Please do not PM me for advice.

waseem1234
Newly Registered
Posts: 3
Joined: Sun Feb 16, 2020 10:04 pm

Re: Government Bonus from Lifetime iSA

Post by waseem1234 » Sat Feb 22, 2020 4:01 pm

Thanks for your replies all - I have a meeting with a Immigration adviser next week so will share what he says about this.

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