Is there anything in the ISA legislation that prevents an investor declaring that the investment is held as bare trustee for the absolute benefit of another? Would it make a difference if the "other" is a body corporate?
Let me say at the outset that I wholeheartedly agree that such a proscription would be entirely reasonable. Just not sure that it exists. I would not expect it to invalidate the trust, just invalidate the ISA exemption.
With kind regards
Clint Westwood
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Individual Savings Account
These can only be held by individuals. He must have signed a declaration on opening the account that he fulfilled the required criteria so I would be very worried about the position as it could be seen as an attempt to have morre than one a year.
If the individual is a bare trustee...
... the beneficiary (the actual investor) needs to be a qualifying individual in order for there to be a valid ISA, I would say.
The legislation is in Ss.694-701 ITTOIA 2005 and SI1998/1870 as amended by SI2011/1780.