The tax year is almost over and you know what that means, right?

You’ve only got until the start of April to bag as much of the Lifetime ISA bonus (that's free money from the government towards your first home, btw) as you can for the current tax year.

What does it mean for you? Basically, if you don't open a Nude Lifetime ISA until the new tax year begins, or you don't top yours up with any cash you wanted to put in before April, you'll have missed out on this year's free money...

So, here's what you need to know...

🏡 You can put up to £4,000 into your Lifetime ISA during each tax year, and get up to £1,000 in bonuses.

💰 That’s a 25% bonus (hello, free money!) on top of what you’ve put in.

🙌 If you can't max it out before the tax year end, that's ok  – you'll get 25% from the government on top of whatever you put in, even if it's less than the full £4,000.

🚩 This year's allowance doesn’t cross over. So if you put £3,000 into your LISA this tax year, you can’t put £5,000 into your LISA next tax year.

⏰ You have until 5pm on the 4th April to add money to a Nude Lifetime ISA if you're a current customer (or April 1st if you're a new sign-up) for it to be processed by tax year end.

👀 The £4,000 allowance and the 25% bonus will be the same in the new tax year (6th April 2022 - 5th April 2023) so this isn't your last chance to open a Lifetime ISA or get any bonus, like, ever. It's just your last chance to make the most of the current tax year's allowances and bonuses.

What to do if you're not a Nude customer yet...

If you have some spare cash to pay in (we realise rising costs are biting hard atm, so we totally understand if this is a no-can-do), now is like a really great time to set up a Lifetime ISA.

Just download the Nude app, pick the type of Lifetime ISA you want to use to build your deposit with, and set up your Direct Debit to make the most of this year's bonus.

The remaining collection dates you can select before tax year end for the money to come out are: 21st March (must be set up by 15th March) or 1st April (must be set up by 28th March).

Don't worry if you don't want to stick with that amount or that date every month – we'll remind you before the following one comes out so you have time to increase, decrease or skip it.

If you're transferring over an existing LISA to us in March, whatever you've added in this year will count towards your allowance, even if it's with another provider. So make sure any payments you make to Nude before tax-year end keep you under your £4,000 annual LISA allowance.  

If you're a first timer when it comes to opening a LISA, howdy! Because you've not made any Lifetime ISA payments yet in the 2021-2022 tax year, you can go ahead and put in the full £4,000 allowance in one go if you have it. The government don't mind if you do it this way, and it doesn't affect your bonus, which will land in your account in one go, too.

What to do if you're a Nude customer already (hey!)...

If you want to top-up your Lifetime ISA before tax year end, that's great! Remember, you can only put in the remainder of your £4,000 annual allowance. Here's what you'll need to do...

If you already have an active Lifetime ISA and wanna make one last payment before tax year end, just head to the app and use our brand new ✨ one-off contributions ✨ feature anytime until 5pm on the 4th April. You'll find that in your Account tab – and if you can't see it, head to the App Store and download our latest app update.

Oh, and the bonus?

As long as you have paid into your Lifetime ISA by 5pm on the 4th April 2022, you'll get the 25% bonus you're due on what you put in for the 2021-2022 tax year.

Remember, the bonus payments can take 4-6 weeks to land in your account after you make your contribution (so it might still be winging its way over to you in the new tax year) but as long as you have made that last tax year payment by 5th April 2022, you're all good. Even if the bonus lands in the new tax year.

The government will know (and so will we!) that the incoming bonus payment was for your pre-tax year end payment, and it won't affect your allowance when it renews: you'll still have the full £1,000 bonus remaining for the 2022-2023 tax year when April 6th swings around.

Then what happens on April 6th?

The reset button gets hit on those allowances! You can add up to £4,000 more into your Lifetime ISA, and the bonus amount that you can get resets back to £1,000 too.

These new allowances then last until April 5th 2023, when the next tax year begins, and the dance starts alllll over again. This all happens automatically btw, and you don't need to do a thing.

Still got questions?

If you read this and the whole time were thinking 'Wait, who the hell is LISA?' then read our guide to Lifetime ISAs.

If you want to know the ins-and-outs of our Lifetime ISAs, head to this page that breaks down how they work.