HMRC told us that technically all LISA providers could be impacted by the error, although in reality only those with bonuses that were due to be processed by the end of May will be hit, as such as it believes only a “small number” of savers will have been affected.
When MoneySavingExpert.com asked both current and former LISA best buy providers AJ Bell, Hargreaves Lansdown, Nottingham Building Society, Nutmeg, Paragon, and Skipton Building Society they all told us they’d not been impacted by the problems.
However, Moneybox – one of our current top pick cash and stocks and shares LISA providers – has confirmed the majority of its cash savers who deposited money between 6 April and 5 May will have been affected. The provider has hundreds of thousands of cash LISA customers in total, although it says only “thousands” of these savers will have potentially been impacted.
The delay comes at a bad time for first-time buyers in England, Northern Ireland, and Wales who may be rushing to complete property purchases before temporary measures, brought in last July to help boost homebuying during the pandemic, come to an end on 30 June. See our Stamp Duty guide for full details on how the holiday works and what happens from 1 July.