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Utilising ISA allowance of my parent's?
tristan727
Posts: 52 Forumite
I've got some spare cash to invest, and have already done my own isa allowance. But my parent's haven't utilised their's.
Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want? All sounds quite legit & utilising our rights, freedoms & allowances...so no doubt it's more illegal than shop-lifting these days, i'd suspect?
Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want? All sounds quite legit & utilising our rights, freedoms & allowances...so no doubt it's more illegal than shop-lifting these days, i'd suspect?
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Comments
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Nothing illegal about it, but you'd have no recourse if they decided not to give it back.0
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........ and if they should die - it becomes part of their Estate.If you want to test the depth of the water .........don't use both feet !0
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And the money would count as theirs for any means-tested benefits (and if they gave the money back to you, they'd be considered to have deprived themselves of capital).0
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... and of course it is illegal. It's tax evasion not avoidance.
To put it in someone else's name for the sole purpose of evading tax is illegal except if it's to a spouse.
If, on the other hand you give it to them, that's fine.0 -
I don't think the OP was suggesting he would try to open an ISA in his parents name and remain in possession of the money.... and of course it is illegal. It's tax evasion not avoidance.
To put it in someone else's name for the sole purpose of evading tax is illegal except if it's to a spouse.
If, on the other hand you give it to them, that's fine.0 -
"Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want?"
Oh yes he did!0 -
See the bits I've emboldend? How can you interpret them as the OP keeping the money? It is not in any way illegal to give somebody money and then ask them to give it back to you with interest at a later date."Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want?"
Oh yes he did!0 -
"Whenever we want" indicates the OP has control of the moneyThis is an open forum, anyone can post and I just did !0
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Maybe to you. To me it indicates the OP believes his parents will give the money back whenever he wants."Whenever we want" indicates the OP has control of the money
Let's be clear about this. If the OP has direct access to the ISA accounts then he is committing a crime, otherwise he isn't.0 -
Not if the aim is to evade tax. Giving it back when asked for, means ownership has not passed.See the bits I've emboldend? How can you interpret them as the OP keeping the money? It is not in any way illegal to give somebody money and then ask them to give it back to you with interest at a later date.
ISAs are Individual Savings Accounts.0
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