Putting savings in mum's name

noh

itsallagame wrote: »

Oh, you are making it hard for the fellow!
Is she not allowed to spend the money? It’s a LOAN !!!!!!, perfectly legal.
Interest gifted back would be ‘spent’ from account dribs and drabs, nothing hard about that. You’re really getting into tricky situation if she dies/ falls ill, if it’s a gift, not worth it.
Tax evasion, prove it? He has the paperwork.
What’s it for? , Building work, gambling debts, whatever, as long as it is documented.
Tax evasion? Cash in hand, self employed, accounting, cheap fags, buying cheap booze, please stop being dramatic, we’re all adults here.
Like I said, A INTEREST FREE LOAN IS PERFECTLY LEGAL

As jem16 said above the intention is to maximise the money for himself. Its not being done to benifit his mother.
Of course an interest free loan is legal.
A series of artificial transactions carried out with the intent of avoiding tax is evasion. It's not being dramatic it is fact.
It is almost certain that it wouldn't be noticed by HMRC and would be almost impossible to prove.
Just because you can get away with something does that make it acceptable?

amistupid

LionKing wrote: »

Hi,

To maximise interest on my balance i want to open a high interest account

Thanks

Don't we all. If you find one post the details please.

bobos

Put the money into a joint bank account, fill out the r85(i think) to inform them your mum is a non taxpayer, and this will enable you to limit the losses on IHT and also you may have to pay 10%/20% of tax on interest earned( halved cuz you mum is a non tax payer) and also if any anything does happen with a 1 party of the joint application the account can be still used as a singular account. And also most banks will cover £100,000 as this a joint

RayWolfe

bobos wrote: »

Put the money into a joint bank account

This changes none of the issues raised above.