Utilising ISA allowance of my parent's?

masonic

le_loup wrote: »

Not if the aim is to evade tax. Giving it back when asked for, means ownership has not passed.

I'm not aware of any such strings attached to gifting money to another individual, and I'd find it very hard to believe that an act of reciprocal gifting could be taken to mean ownership of the money never passed between individuals. Perhaps you'd care to elaborate on what rules make this so? Judging from some of the other responses in this thread, I'm not alone my thinking,

ISAs are Individual Savings Accounts.

Yes they are, but I fail to see the relevance. Anybody operating a bank account that is not in their name without power of attorney would be committing fraud, before even the possibility of tax evasion presents itself.

dzug1

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 illegal, but that interest is taxable

masonic

dzug1 wrote: »

Not illegal, but that interest is taxable

That is a fair point. If the OP charges interest, then it is treated as income. Better to just ask for the original sum of money back to avoid this.