Setting an ISA up as a Gift

retiringsmuggly

I've tried setting up an LISA for my daughter as a 21st Birthday gift.  However it would appear that the named owner of the LISA and the payment have to come from the same name.  I dont appear to be able to set it up in her name and make a payment in to get it started

AnotherJoe

Just stick a note in her birthday card saying "see me when the cake is gone and I'll fund you £X in a LISA", and then xfer the money to her so she can then open the LISA herself.

eskbanker

Nice sentiment but not generally a good idea to set up accounts for other adults without their consent - apart from the fact that it'll be against Ts & Cs to do so, given the binding declarations made during application, there is always the possibility that doing this could cause them problems if they have accounts that you don't know about....

surreysaver

As @eskbanker says, certain declarations need to be made during the application process, and you cannot make such declarations on behalf of another adult unless you have Power of Attorney for them.  If you open another ISA for someone, and they already have one, there'll end up being some bother with the Taxman.
An adult with capacity needs to maintain their capacity and personal autonomy by maintaining control over their personal affairs.

xylophone

https://moneytothemasses.com/saving-for-your-future/compare-the-best-and-cheapest-lifetime-isa
In her birthday card link above?
Then, Happy Birthday, Mary Anne -  if you would like to open a LISA account, Mum and I will fund it for.........years?

retiringsmuggly

Lovely.  Thank you folks.  @Surreysaver @eskbanker make an excellent point. I've taken your collective advice and created a gilt edged gift card committing the money to her if she sets it up and transfers it into the LISA