Where should i deposit savings currently?

brewerscottage

My mother wishes to move out of her home into sheltered housing. Because she has savings in excess of £6K she will be liable for rent in the residence of her choice, so she wants to offload the surplus into an account of mine to look after on her behalf.
a) is this legal?
b) I am/ is she liable for any tax?
c) given that the sum involved is £51k currently held in two Halifax accounts, where should I invest it to get the best return and still have reasonable access should she require any of it to spend?

Paul_Herring

a) is this legal?

No. (Thus rendering your other two questions unanswerable.)

It's called deliberate deprivation, and your mother would still be liable to pay any fees/rent.

brewerscottage

Thanks Paul,
Given that the majority of the sum is eventually intended as an inheritence, can the sum be put into trust or does this still count as d/d.

Aegis

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