Transferring from mothers ISA to mine?

longwalks1

If, for example, my mum had an ISA (either cash, or S&S) and wanted ot close it a year after opening it, could she transfer the funds/shares into my ISA?

le_loup

No.

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lisyloo

No.
If she wants to give you the money then you can deposit it into your ISA but it will take part of your annual allowance.

There are all sorts of rules around gifting - you cannot do it in order to avoid inheritance tax or to get state benefits or to evade tax.
Not implying anything just imparting the information.

Perhaps if you explain what is going on here, people can help.
Not being nosey, but we need the info to help as best as possible.
Is this just a gift? (lucky you).
If so no you cannot transfer inside any ISA wrapper but it can of course come out and go back in which will of course use your allowance.

grey_gym_sock

you can only get assets into your ISA by (1) making new subscriptions (using part of your annual allowance) or (2) transferring from an existing ISA in your own name.

subscriptions can only be made in the form of cash, not of shares.

so your mother could get shares out of an S&S ISA and into her own name (unwrapped) without selling them (if the ISA manager allows it). but to get them back into an ISA (yours or hers) would involve selling them and buying them back again.

ViolaLass

lisyloo wrote: »

No.
If she wants to give you the money then you can deposit it into your ISA but it will take part of your annual allowance.

There are all sorts of rules around gifting - you cannot do it in order to avoid inheritance tax or to get state benefits or to evade tax.

Surely you can, provided you then live for 7 years.

lisyloo

Surely you can, provided you then live for 7 years.

Agreed :-)
I was trying to summarise :-) as we don't know what the OP i trying to acheive.
Avoidance is legal and in many cases good and encouraged, tax evasion is illegal.

Of course none of us know when we wil die.
So you cannot do it with a guarantee of avoiding inheritance tax unless it fits one of the exemptions (like wedding gifts).

I was just trying to point out there are all sorts of rules around it for various reasons.

longwalks1

Thanks everyone