about to come into some cash and dont know what to do with it.

sparky23

Im selling my house and im about to get around £20,000. I intend to put £3,600 in an ISA but im unsure what to do with the rest?

Was thinking I could ask my mum and dad to open an isa each for me as they dont have savings?

Any advice would be great.

Thanks.

RayWolfe

If you want to go in for fraud, then do just that.
ISA = INDIVIDUAL Savings Account.

[Deleted User]

RayWolfe wrote: »

If you want to go in for fraud, then do just that.
ISA = INDIVIDUAL Savings Account.

Wowaaaa! Calm down.

She can put the dosh in an ISA, it just becomes her money then, Mum and Dad have no right over it - if my understanding is correct

mister_bojangles

Mum and Dad cannot open an ISA in their names for someone else. They could only do so in their names. It's up to you (three) to know that at the end of the financial year, the money belongs to you. And even then, if you open an ISA acct in 2009/10, they can withdraw the funds held on your behalf to give to you, but they cannot do any inter-bank transfers of such funds into your account.

RayWolfe

OK, you think it's not tax evasion (fraud), ask the tax office.
davidmt83, you got completely a about f. reread the OP.

sparky23

Oh God RayWolfe was only looking for some friendly advice not a jail stretch!

Ive never been a saver before and its all a bit confusing

Mikeyorks

Put the £3.6k into an ISA in your name. But you're breaching the rules if you attempt to use someone else's ISA allowance.

If you're looking for 'tax free' savings ..... consider the NS&I index linked savings certificates for £15k (3 years?). Reasonably good investment with inflation running high. Put the balance in an easier access account?

http://www.nsandi.com/products/ilsc/index.jsp

cloud_dog

I think things have got a bit out of hand (way to go Ray) but................ You are allowed to gift £3k pa without any problems.

I would suggest you gift your parents £3k pa each and they can put it in to an ISA (assuming they dont have one / want to use one themselves), afterall it is their names. When you need the money they can 'gift' the money back to you (up to £3k pa) without any problems.

cloud_dog

[Deleted User]

cloud_dog wrote: »

I think things have got a bit out of hand (way to go Ray) but................ You are allowed to gift £3k pa without any problems.

I would suggest you gift your parents £3k pa each and they can put it in to an ISA (assuming they dont have one / want to use one themselves), afterall it is their names. When you need the money they can 'gift' the money back to you (up to £3k pa) without any problems.

cloud_dog

My mistake in my post - this is exactly what I was getting at however no where near as elegant!