Gold vs US Dollar

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Introduction to ISA

5. Who is eligible for an ISA?

5. Who is eligible for an ISA?

First of all, you have to be a resident or ordinarily resident in the United Kingdom (crown employees and their spouses serving overseas also qualify). The UK does not include the Channel Islands or the Isle of Man.

If you have ISAs and then become non-resident, you may retain the existing ISAs but not take out new ones.

You do not have to be employed or a taxpayer. ISAs have to be taken out by individuals; it is not possible to share one with someone else. However you and your partner for instance may take out two separate ISAs and you may pay in to another person’s ISA, for example as a gift.

An ISA is always owned by the person taking it out and it cannot be transferred, assigned or written under trust.

The minimum age for a person to take out an ISA is 18 but, since April 2001, 16 and 17 year olds can take out a Mini cash ISA or subscribe a maximum of £3,000 into a Maxi ISA of their own.

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