ISA top up - tax implications

Motorcyclemanhorse

Hi everyone,

I have a flexible cash ISA which had around £70K in it early last year but now has more like £20K following some large expenditures. As it is a flexible ISA, I can replace the £50K before the 6th April. I will lose it after that if I haven't replaced the money.

My partner (we are not married), has 50K spare. If she were to give me that money so I can replenish my ISA again, I assume there are potential tax implications if, for example, it were treated as a gift. In that case, the rules around inheritance tax kick in - e.g. 7 years rule, etc.

However, if my partner actually owes me around £30K, as I have paid for things we had agreed to go halves on, are there any tax implications for her to pay me the £30K she owes me?

Thanks!

eskbanker

If there is any reason to suspect that IHT would be an issue, not just in terms of this gift/repayment but also total size of estate, then it would make sense to document the circumstances somewhere they'll be accessible to executors.

Albermarle

How old are you and your partner ?

Motorcyclemanhorse

43 and 37.