cash ISA gift

pashish123

Hi all,

Is it possible for me to gift a cash ISA to my brother?
What is the maximum amount I can gift him?

Are there any tax implications if I pay for his ISA?

Ian_W

AFAIK there are no tax implications in giving cash to someone other than in respect of IHT and the £3K for a cash ISA is probably too small even to count towards that.
However you can't give him the ISA - he has to open that himself usually with a cheque on his own bank account, sign the application and supply his NI number.

ReportInvestor

Ian_W wrote: »

AFAIK there are no tax implications in giving cash to someone other than in respect of IHT and the £3K for a cash ISA is probably too small even to count towards that

£3K is the maximum total gifts you can offload in to all and sundry in any tax year without potential IHT implications should you die within 7 years.

So one £3K gift in 2007/8 is just OK.

McSaver

You wil be able to pass on the 3K but i dont think you can pass it on in the ISA.

Sillychuckie

As stated, the gift limit to anyone is 3k per year before you have to worry about inheritance tax.
But, unless you die within 7 years, you don't have to worry about IHT anyway (regardless of amount).
And even then, the tax is tapered over the 7 years, so if you de after 6, the tax is far less.

Lastly: Your limit in any one year is 3k, PLUS, and unused limit from the previous year.
If you didn't gift anyone any money last year, you still have a further 3k to play with.

pashish1

how much money can i gift my family members per financial yr, such that it has no tax implications on either of us?

Mikeyorks

pashish1 wrote: »

how much money can i gift my family members per financial yr, such that it has no tax implications on either of us?

That's been answered in virtually every post above! The last one, in particular, is fairly complete?

Realise you're new - but at least read what people give you. And don't also create a separate thread .... when you've also asked above. And whilst I'm in lecturing mood - ISA questions go in the ISA forum (which is not this one) - and tax questions in the tax forum (which is also not this one)

End of exasperation for this evening