Can I put someone elses money in my ISA?

n_2

As the title. I was thinking of getting a isa before this years deadline. However if I only have 1,000 to invest am I allowed to put in 1,000 of my girlfriends money into it? (as she will never get round to sorting it out)

Also, I take it if I invested 2,000 right now, then come the 5th of Arpil I can invest another £3,600 tax free that year?

molerat

You can put anybodies money in it, who is to know, but you are declaring it as your money and in a dispute who's money is it ?. Best to ensure she does it herself. To the second question, yes, the amounts are per tax year.

steady__eddie

"Also, I take it if I invested 2,000 right now, then come the 5th of Arpil I can invest another £3,600 tax free that year?"

Being pedantic, (it's the only pleasure in life that I have nowadays) on the 5th of April you'll be able to put another £1000 into your ISA because we'll still be in this tax year and the max. is currently £3k. On the following day, you'll be able to put £3600 into next tax years ISA but you may have difficulty finding anyone open 'cos it's a Sunday. Another day of tax free interest lost, :mad:

Aegis

n_2 wrote: »

As the title. I was thinking of getting a isa before this years deadline. However if I only have 1,000 to invest am I allowed to put in 1,000 of my girlfriends money into it? (as she will never get round to sorting it out)

No. Any money that goes into your ISA is yours. If your girlfriend wants you to put her money into an ISA, she would have to gift you the money. Unless she actually wants to legally transfer the money to you, she cannot use your ISA like that.

jaxxbizkit

Aegis wrote: »

No. Any money that goes into your ISA is yours. If your girlfriend wants you to put her money into an ISA, she would have to gift you the money. Unless she actually wants to legally transfer the money to you, she cannot use your ISA like that.

exactly what I was about to say!

Clues in the name. Individual Savings Account.
The amount that can pay into your account has a tax efficient "wrapper". This basically means that its a personal allowance and you cannot pay into anyone else's ISA.

As mentioned above though, you can transfer the money from your bank to hers and then she can pay into her own ISA