Investments for 17 (nearly 18) year old
I have a couple of youngsters (siblings) who have just inherited some cash from their father. One of them is age 17 so she can't hold a GIA in her own name. I've been looking at the mother opening it up with her as the nominee and then switching into her name in May when she turns 18.
Apart from the obvious leaving it in cash for 4 months, are there any other solutions to consider? She doesn't want to tie the money up but wants to invest it to protect against inflation. I'm looking at a 5 year investment horizon initially.
I'm wondering whether there are likely to be any CGT issues with the mother when she transfers it to her daughter's control, plus the fact that it's not actually the mother's money. The amount in question is £75,000 so too much for an ISA
Any suggestions welcome!