Tax free savings

Hi all,

I have a savings account @ 5% which is tax free, due to being a student and not having an income. My question is as follows:

A family member has a lump sum of money (30K ish) he wants to keep safe for a month or two, he is unsure of the actual time period. Instead of losing out on interest (currently held in a current account) and also to avoid the filling out of forms to set a savings account up, could he transfer directly to my account ? The underlying question is that as the money is not mine, it should be taxable.

Any ideas on where I lie on this one ?

Thanks, Joe

There is nothing illegal in this - I have come across it quite a few times - though it may well be against your Bank's T&Cs.

So long as the relevant gross interest is reported to the IR by your family member, that should be OK.