Utilising ISA allowance of my parent's?

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?
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Comments

  • masonic
    masonic Posts: 26,680 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Nothing illegal about it, but you'd have no recourse if they decided not to give it back.
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    ........ 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 !
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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).
  • le_loup
    le_loup Posts: 4,047 Forumite
    ... 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.
  • masonic
    masonic Posts: 26,680 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    le_loup wrote: »
    ... 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.
    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.
  • le_loup
    le_loup Posts: 4,047 Forumite
    "Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want?"

    Oh yes he did!
  • masonic
    masonic Posts: 26,680 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    le_loup wrote: »
    "Can I simply hand over my cash to them, they use their allowance, and hand it back whenever we want?"

    Oh yes he did!
    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.
  • bryanb
    bryanb Posts: 5,029 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    "Whenever we want" indicates the OP has control of the money
    This is an open forum, anyone can post and I just did !
  • masonic
    masonic Posts: 26,680 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    bryanb wrote: »
    "Whenever we want" indicates the OP has control of the money
    Maybe to you. To me it indicates the OP believes his parents will give the money back whenever he wants.

    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.
  • le_loup
    le_loup Posts: 4,047 Forumite
    masonic wrote: »
    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.
    Not if the aim is to evade tax. Giving it back when asked for, means ownership has not passed.
    ISAs are Individual Savings Accounts.
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