Can you open both ISA and LISA, and eligibility.

Hi, I wonder if you can help me? I have an ISA and have used my £20000 allowance for the year, If I were to open a LISA too(which I understand you can do?), would the allowance of £4000 be on top of the £20,000 (i.e £24000 in total) or should that allowance form a part of the personal allowance of £20000(i.e £4000 +£16,000)? Also. i am aged 33, so eligible for a LISA age wise. However I am due to jointly inherit a mortgage-free property from my mother we (sibling and i) are going to sell, that we were living in at the time of her death. Would we be a "first-time buyer" as this would be the first property we would buy ourselves, or does the inheritance of a property make you exempt from opening a LISA? Thank you.

Hi,

No.  The maximum in any tax year is £20000.  If you have already utilised all of this allownace you cannot save any more in that tax year.

Thank you.