We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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?
0
Comments
-
Nothing illegal about it, but you'd have no recourse if they decided not to give it back.0
-
........ 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
-
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
-
... 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 -
... 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 -
"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
-
"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 -
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.2K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.2K Spending & Discounts
- 243.2K Work, Benefits & Business
- 597.6K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards