Using Wifes Allowance

monkeydust_2

Hi,

I have put 1/2 my current allowance for this year in cash looking to put my other 1/2 + my wifes full allowance into a stock isa. Is this possible? What documentation do I need to fill out to make sure its all in order. Looking at using H&Ls vantage service to do this.

Appreciate the help.

MD

Nine_Lives

Who's name is the stock ISA going to be in? I'll assume your wifes.

If you put her FULL allowance then the ISA is full. You can't then put your 1/2 (or indeed your one PENCE) in to her INDIVIDUAL Savings Account.

You could put your money into her account so long as it didn't put her over the limit. Be aware that this then legally is HER money, not yours.

I've done this with the wife. I maxed out mine on day 1. My wife only had about £200 to put into her ISA, so i put my money in to her cash ISA.

A risk yes - what if we split up, but one i took. Come 6th April it'll be back with me.

CLAPTON

you can give your wife cash so she can invest in her S&S ISA

xylophone

I have put 1/2 my current allowance for this year in cash looking to put my other 1/2 + my wifes full allowance into a stock isa.

And you can put the other half of your own ISA allowance into a stocks and shares ISA in your own name.
http://www.hl.co.uk/investment-services/isa/apply-now

lisyloo

Spouses can gift money to one another tax free.
There are no forms or limits.

However you have to be aware of the potential complications if you split up.

Jonbvn

lisyloo wrote: »

Spouses can gift money to one another tax free.
There are no forms or limits.

Very true. I also know that this annoyed one particular tax inspector no end, and delighted me even more!;)

thenudeone

lisyloo wrote: »

[STRIKE]Spouses[/STRIKE] Anyone can gift money to one another tax free..

I've corrected it for you.

xylophone

I've corrected it for you.

Yes, but IHT might be a consideration for the estate of the donor if not spouse.
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/exempt-gifts.htm