Thanks

fruitbread

Thanks for replies, editing out for privacy

JohnRo

If the account is solely in your name it's your money as far as the authorities are concerned. How could it ever be any other way?

opinions4u

It's in your name.

It's legally yours.

JohnRo

The road to hell is paved with good intention.

Stompa

Under HMRC rules "You cannot hold an ISA jointly with, or on behalf of, anyone else."

http://www.hmrc.gov.uk/isa/faqs.htm

pip895

fruitbread wrote: »

Ok, so then I'll transfer her money to her account (thus losing the accrued ISA limits).

No good deed goes unpunished.

As its only 8k you could transfer it all into an ISA in your grandmothers name - a small proportion would have to be in a SS isa or left un isa'd for a few months until next years allowance is available.

Archi_Bald

Your gran can open her own ISA and put £5,760 into it now, and the rest on April 6.

Archi_Bald

pip895 wrote: »

As its only 8k you could transfer it all into an ISA in your grandmothers name - a small proportion would have to be in a SS isa or left un isa'd for a few months until next years allowance is available.

I have a feeling that S&S ISAs would be one step too far for the OP/the gran.

dryhat

Strictly speaking, when you put money in the bank, it belongs to the bank.

opinions4u

dryhat wrote: »

Strictly speaking, when you put money in the bank, it belongs to the bank.

That's helped then.

CLAPTON

No, just because it's in your name doesn't make it yours;
it all depends upon the circumstances

e.g. for IHT purposes the HMRC might ask who the beneficial owner was and would probably conclude that it is grannies

I don't know the answer in these circumstances however.