second sig on dads investments (carer) what implication re tax

[wannabeamillionaire]

Hi hope you can help me with this question

Dad has alz and yesterday we went to bank to re-invest most of his money. Bank advised me to put my name on it just in case we needed to access it in the near future for his care.

I am his carer and get carers allowance and income support (family help me out as well).

Question is I had to fill in a form for tax reasons to say I am a non tax payer was I right in doing this?

Not sure now

many thanks in advance

I'm not sure whether that was the best advice or not. If your Dad can't manage his affairs in person any more then it may be better to apply for legal power of attorney. Then everything is in his name but you can manage it on his behalf. (Some information in the link) If you have invested his money using your name rather than (or as well as?) his, then you will only be liable for tax if the interest or income from the investment takes your annual earnings over the personal allowance - £7475. The same kind of arrangement applies to non-tax-paying children.

Really, with this kind of situation and with the implications (sorry to be so morbid) of inheritance rules when the time comes, it's worth getting some legal advice because there are some pitfalls that you may not be aware of.