The Lifetime ISA has a specific contribution limit set by the UK government, which is up to £4,000 per tax year.
The tax year begins on April 6th of the current calendar year and ends on April 5th of the next calendar year. During this period, you can place up to £4,000. Once a new tax year begins, your allowance resets, providing the ability to set aside £4,000 more.
The Lifetime ISAs are not flexible, just like the other ISA products in Plum. This means that any withdrawals you make are not added back to your annual ISA allowance. We calculate your annual ISA allowance based exclusively on your deposits.
Please note that the Lifetime ISA is included in your overall ISA allowance, which is currently £20,000 per tax year. This means that if you have other ISAs (like a Cash ISA or Stocks and Shares ISA), the total amount you can contribute across all your ISAs cannot exceed £20,000 in a single tax year. Out of this total, you can contribute a maximum of £4,000 to your Lifetime Cash ISA.