Prize Bonds Joint Account

[discovery101]

Hi there

In the process of buying some prize bonds for my elderly parent and putting my name down as the joint holder......is there any tax implications for myself if i do this??? and is the purpose of been a joint holder of anything happens to the other person?

Many thanks

 

[Duke of Marmalade]

If your parent is paying for them, it seems to me this is a gift of half the money to yourself and is countable toward determination of your CAT.

If something happens to either party I presume the half they owned simply forms part of their estate, and does not automatically revert to the other party.

But I am not an expert.