transfer dads isa

premkit

I want to open an ISA this year. my dad has several and wants to give one to me and one to my sister.

Can i open an isa with his transfer and also put in my allowance for the year.

thanks

G_M

No.

Dad can either transfer his ISA to another ISA provider in his own name.

Or he can give you the money and you can open an ISA in your own name (but he will have 'lost' the ISA entitlement for that cash - ie he cannot replace it with other savings of his own).

And of course if you use his money to open an ISA, you cannot then open a 2nd ISA (in the same year) with your own money (cos the money he gave you is now IS your money).

Sparky47

As already said you cannot transfer an ISA between different people.
An ISA is an Individual Savings Account.

atush

If your father wants to give you cash, it is better he uses cash he has outside of ISAs.

and if he is older, retired and not in the best health, beware of falling foul of the Deprivation of assets rules not to mention inheritance tax issues.

premkit

Thanks for the reply's, its around 25k so i dont think inheritance tax will come in. He is in good health, although just had a prostrate scare which has made him think a little more about his assets.

So the best way would to cash in the ISA and give us both a cheque.

thanks

xylophone

its around 25k so i dont think inheritance tax will come in.

http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm