Can you transfer your money to someone elses account but it still be yours

UKSBD

Can you just move your own money in to someone else's account without any tax implications?

I may be in hospital soon for a month and then receiving treatment for another couple of months.

I have direct debits and Standing orders set up for most things, but can I just transfer a lump sum (couple of thousand pound) in to my daughters (she is 19 and lives at home) account so she has a pot of money for, weekly shopping, unexpected bills, emergencies, etc.

It won't be a gift, or me giving her the money, but just a case of her having it in her account which she can access easier rather than being in my account.

DCFC79

UKSBD wrote: »

Can you just move your own money in to someone else's account without any tax implications?

I may be in hospital soon for a month and then receiving treatment for another couple of months.

I have direct debits and Standing orders set up for most things, but can I just transfer a lump sum (couple of thousand pound) in to my daughters (she is 19 and lives at home) account so she has a pot of money for, weekly shopping, unexpected bills, emergencies, etc.

It won't be a gift, or me giving her the money, but just a case of her having it in her account which she can access easier rather than being in my account.

Yes of course, Ive done it before with no problems, just make sure you have the right details so transfer £1 and once its been received then transfer the rest.

masonic

UKSBD wrote: »

It won't be a gift, or me giving her the money, but just a case of her having it in her account which she can access easier rather than being in my account.

Legally it would become her money. Any interest she earned on it would be treated as her income for tax purposes. If she was receiving any means tested benefits, then it would need to be declared along with any other savings she had. Other than that, I can't see any issue, since she is an adult, and she will be spending at least some of it in the short term.

Shakin_Steve

To answer your question specifically: No. Once the money is in your daughters account, it's hers.

marcusjclifford

Would an option not be to have her take out a credit card, and you setup a direct debit to pay the balance in full every month? The limit can be set low if you are worried about her overspending? That way the money remains in your control unless it is actually spent.

surreysaver

Or maybe you could open a joint account with her?

Savvy_Sue

Or you can ask the bank to give her third party access to the account - it remains your money, but she can access it.

I'm not sure if you'd get a debit card for this because in the days when we needed to do this, cheques were perfectly acceptable for just about everything!

Armorica

Or a joint credit card, set up to pay off balance in full each month.

I understand starling now offers the ability to quickly open joint accounts online which might be convenient.

Westie983

UKSBD wrote: »

Can you just move your own money in to someone else's account without any tax implications?

I may be in hospital soon for a month and then receiving treatment for another couple of months.

I have direct debits and Standing orders set up for most things, but can I just transfer a lump sum (couple of thousand pound) in to my daughters (she is 19 and lives at home) account so she has a pot of money for, weekly shopping, unexpected bills, emergencies, etc.

It won't be a gift, or me giving her the money, but just a case of her having it in her account which she can access easier rather than being in my account.

Sorry to hear you are not well and will need to be in hospital, you do not mention which bank or account you are referring to, but you can apply for third party access to your account, while you are in hospital.

This would be the best option as your daughter can access your account and do transactions on your behalf but there is no issue about the money being hers or transferred to her account.

You are able to revoke the access if you wish to after to are out of hospital and you are back in the same position you were before your hospital stay.

This will need to be actioned before you go into hospital as depending on bank you will either have an online form to fill out or a paper copy which will need to be filed out by yourself and your daughter.

Westie983