ISA TRANSFER

Albermarle

stevie68uk said:

i can find no information that i can switch my existing current account to my wifes existing account the info is all about new accounts

I presume you need to open up a new joint account, and then transfer both individual accounts in , along with any direct debits, standing orders etc 
Many banks have offers for new customers .

eskbanker

Albermarle said:

stevie68uk said:

i can find no information that i can switch my existing current account to my wifes existing account the info is all about new accounts

I presume you need to open up a new joint account, and then transfer both individual accounts in , along with any direct debits, standing orders etc 
Many banks have offers for new customers .

If OP's wife's bank allows the addition of another person to a sole account to make it joint, this would make things even simpler....

masonic

Perhaps it would be helpful if you could explain what scenario you are trying to avoid? For example,

Your wife being unable to access this money while you are alive

Your wife having to go through a more complex process after you pass

Maintaining your ISA makes sense if this money isn't needed with any urgency, but withdrawing and transferring to her might make sense if you think it might be needed and she doesn't already have POA. With a few exceptions, transfer of funds held in a cash ISA do not need a grant of probate when transferred to a spouse and affairs are simple and the value of the account does not exceed a threshold (varies by provider).

canaldumidi

OP might need to consider the implications of gifting assets shortly before death. There are inheritance rules on the size/frequency of gifts, otherwise anyone with a diagnosis would simpy gift their money, car, house, yacht, jewelry etc to... whoever, so that noinheritane tax was ever due.

I suspect (but don't know) that transfering the money from a soley owned ISA either into a spouse's name, or even into joint names, would trigger the IHT gift rules (and/or Deprivation of Assets?).

How much £ are we talking about here?

eskbanker

canaldumidi said:

OP might need to consider the implications of gifting assets shortly before death. There are inheritance rules on the size/frequency of gifts, otherwise anyone with a diagnosis would simpy gift their money, car, house, yacht, jewelry etc to... whoever, so that noinheritane tax was ever due.

I suspect (but don't know) that transfering the money from a soley owned ISA either into a spouse's name, or even into joint names, would trigger the IHT gift rules (and/or Deprivation of Assets?).

https://www.gov.uk/inheritance-tax/gifts

Who does not pay Inheritance Tax

Some gifts are exempt from Inheritance Tax.

There’s no Inheritance Tax to pay on gifts between spouses or civil partners. You can give them as much as you like during your lifetime, as long as they:

• live in the UK permanently
• are legally married or in a civil partnership with you