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Where Taxpayers and Advisers Meet

account in parents' name

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm
Re: account in parents' name

Postby maths » Fri Jun 28, 2019 2:34 pm

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.

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: account in parents' name

Postby someone » Fri Jun 28, 2019 8:37 pm

I'd agree with Maths. Looks more like an interest free loan to me.


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