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How will an ISA affect my benefits?


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Hello all, My father is planning on retiring this year and has been discussing his childrens inheritence.

 

He has suggested that he sets up an ISA in my name for the sum of £10,000 ( which he understands is the maximum ). The agrement between us is that he will manage the ISA and use the interest to live off, I will not access the ISA personally until after he has passed away.

 

Because I am currently receiving income-based job seekers allowance we are unsure of how it will affect my payments.

 

I would appreciate advice on two things, and anything else relevant that we may need to consider.

 

1. Is our arrangement legal, ie. my father creating an ISA in my name then accessing the interest to live off.

2. How will having an ISA in my name affect my current benefits? I would not have access to the ISA as per my agreement with my father, I would not consider it my money/savings until after he has passed away.

 

Also, if there are other options we can consider to limit the amount of £££ the taxman can use to fund wars against Mr. Terror and promote corporations over flesh and blood human-beings we would love to entertain them.

 

Thanks in advance and sorry for the wall of text but the post submittion keeps removing my formatting :S

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No that arrangement isn't possible with an ISA. An ISA cannot be opened by one individual on behalf of another unless it's a junior ISA opened for someone under the age of 18 years. There also won't be much interest generated for him to live off of.

 

He can open his own ISA or any other account and have a will stipulating that the money goes to you when he dies.

My advice is based on my opinion, my experience and my education. I do not profess to be an expert in any given field. If requested, I will provide a link where possible to relevant legislation or guidance, so that advice provided can be confirmed and I do encourage others to follow those links for their own peace of mind. Sometimes my advice is not what people necesserily want to hear, but I will advise on facts as I know them - although it may not be what a person wants to hear it helps to know where you stand. Advice on the internet should never be a substitute for advice from your own legal professional with full knowledge of your individual case.

 

 

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