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Giving money to partner for ISA
np158
Posts: 2 Newbie
My partner and I are planning to buy a flat together next year.
I have some money from my family for a deposit and have been paying £4,000 per year into a Lifetime ISA for the past few years. The rest is in a savings account I can easily withdraw money from.
My partner doesn't currently have a LISA or a significant amount of savings. My question is - if I were to transfer him £4,000 of my savings this year and another £4,000 in April to pay into a LISA in his name - would there be anything wrong with that?
I know you're not allowed to open an ISA on someone else's behalf but that's not really the situation here. I'm concerned that this would be considered me trying to commit fraud by opening an additional ISA for myself in my partner's name, even though it's for a property we would be purchasing together.
Any advise would be much appreciated!
I have some money from my family for a deposit and have been paying £4,000 per year into a Lifetime ISA for the past few years. The rest is in a savings account I can easily withdraw money from.
My partner doesn't currently have a LISA or a significant amount of savings. My question is - if I were to transfer him £4,000 of my savings this year and another £4,000 in April to pay into a LISA in his name - would there be anything wrong with that?
I know you're not allowed to open an ISA on someone else's behalf but that's not really the situation here. I'm concerned that this would be considered me trying to commit fraud by opening an additional ISA for myself in my partner's name, even though it's for a property we would be purchasing together.
Any advise would be much appreciated!
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Comments
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You can gift him the money, and it will then be his money to do with as he pleases. So there is nothing wrong with this, presuming he doesn't do a runner before you get around to completing the purchase
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