Full ISA Guide Discussion Area

Jeallons

Hi,

My soon to be fiance is looking to start her investments with me. Obviously she can't open her own ISA over here whilst she is on an engagement/spouse VISA as she isn't a British citizen. I've opened my own Help to Buy ISA and I'm looking to open another Cash ISA in a couple of days when the new tax year starts. Would it be possible for her to send me money for me to deposit into my ISA? Or does this go outside of the guidelines of it.

Thanks,
Alex

Consumerist

Jeallons wrote: »

Would it be possible for her to send me money for me to deposit into my ISA? Or does this go outside of the guidelines of it.

I think, if you read the declaration you sign when opening an ISA, you declare that the money is yours.

Accordingly, you would be breaking the ISA rules if you used someone else's money to fund an ISA.

Edit
If, however, she made you a gift of the money, then it would be yours to invest in an ISA or otherwise.

Archi_Bald

Jeallons wrote: »

Hi,

My soon to be fiance is looking to start her investments with me. Obviously she can't open her own ISA over here whilst she is on an engagement/spouse VISA as she isn't a British citizen. I've opened my own Help to Buy ISA and I'm looking to open another Cash ISA in a couple of days when the new tax year starts. Would it be possible for her to send me money for me to deposit into my ISA? Or does this go outside of the guidelines of it.

Thanks,
Alex

You don't have to be a British citizen to be eligible for an ISA. Anyone who is resident for UK tax purposes can contribute to an ISA.

Having said this, the US tax authorities do not recognise the tax free nature of ISAs and pursue their citiziens for tax all around the world (see FATCA). There is consequently not much point in an ISA for a US citizen.

There is nothing illegal about your fiancee gifting money to you. It will legally be your money when it is in your account.

badger09

In addition to what others have said, unless your HTB ISA is with one of the few providers who allow split ISAs, such as Nationwide, you cannot pay into a HTB and a cash ISA at the same time.

John_Robson_2

can't find an answer anywhere, see if anybody here can help, i have a cash isa with natwest, by 5th april 2016 i saved £14,900 so my question is, now i have my new isa allowance for this year (2016/17) can i continue to save in the same pot or do i have to open a new isa and start again?

badger09

John_Robson wrote: »

can't find an answer anywhere, see if anybody here can help, i have a cash isa with natwest, by 5th april 2016 i saved £14,900 so my question is, now i have my new isa allowance for this year (2016/17) can i continue to save in the same pot or do i have to open a new isa and start again?

You can save in the same ISA - but what is interest rate?

Consumerist

If it's a fixed-term ISA which has not yet matured then you may need to start again.

stangam

I'm up the max Financial Protection limit - £75K - with my cash ISA and have transferred it to the best-paying account. What do I do with this year's allowance? I don't want to exceed the protection limit: can I open a new cash ISA , even though I have transferred existing funds to a new ISA provider?

Consumerist

stangam wrote: »

I'm up the max Financial Protection limit - £75K - with my cash ISA and have transferred it to the best-paying account. What do I do with this year's allowance? I don't want to exceed the protection limit: can I open a new cash ISA , even though I have transferred existing funds to a new ISA provider?

In a word: Yes

Transfers of existing ISAs are NOT new ISAs. Generally speaking, a new ISA requires new funds. A transfer is just a movement of old funds.

stangam

Thanks Consumerist