Paying into a third-party's ISA

jp9583

Hello all,

My first post here so be gentle please!

I consider myself pretty well clued-up on ISAs, however, there is one aspect which is puzzling me.

If I subscribe to a mini cash ISA held by myself in a given tax year, I know that I cannot subscribe to another ISA of the same type in the same tax year, but does that mean that I cannot pay money in to a mini cash ISA held by someone else or do the rules apply only to ISAs held in my name?

Any help would be greatly appreciated, especially if backed up by a reference as I can't find any info that deals with this situation.

Cheers,

JP

LittleVoice

If you paid money into someone else's ISA, it would be their money, not yours. They could not assign it to you.

Some ISA providers would require the funds came from another account in the name of their account holder (particularly if it were a new account). Read the individual account provider's T&C.

Any money paid in to someone else's account would be subject to same £3K/year limit of course per person.

dunstonh

ISAs cannot take third party payments. They have to come from funds from the account holder.Of course, that is easily resolved but you lose all rights to any money held by another person in their ISA. Its no longer your money.

LittleVoice

Hi

Would have thought some providers would accept cash which could be paid in by anyone - as long as the account itself was opened by the named individual.