It is not possible to hold an ISA on behalf of someone else (nor a joint ISA).
ISA income (eg interest) is not subject to income tax. The interest income belongs to the ISA investors, ie your parents, not you.
Depending upon all the circumstances if it's clear that you did not intend the monies to be a gift and your parents agree then any return of the original monies (excluding interest) is tax neutral. If parents choose to pass on any interest to you that element would be a gift on their part.
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