Can you transfer your personal savings allowance to your wife /husband?

justwhat

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Bigwheels1111

He can’t, it’s part of his tax code.
Simple.

housebuyer143

No,she can give all his money to him though for safe keeping.

Emmia

housebuyer143 said:

No,she can give all his money to him though for safe keeping.

Which is then the legal property of the wife, to do with as she pleases.

Dazed_and_C0nfused

justwhat said:

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Easily, he just needs to have non ISA accounts in his name.

No transfer is needed he just opens an account and puts some cash in.

Assuming he has enough taxable income in the first place to even be able to use it.

Keep_pedalling

justwhat said:

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Strange sort of marriage! 

Reed_Richards

If these were joint accounts it would split the tax burden 50:50.

artyboy

Keep_pedalling said:

justwhat said:

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Strange sort of marriage! 

Husband bankrupt? Or paying some previous financial settlement that would be affected by total assets? Or maybe a recovering gambler?

I guess there are other possibilities than that they just don't trust one another! 

masonic

A fixed term account in his name might be worth considering. One that is not accessible during the term.

Depends of course on the reason you don't want him to have savings in his name.

Doctor_Who

justwhat said:

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Does the husband need to use the £1000 PSA? If the wife has no other taxable income she can 'earn' £18,570 in savings interest and pay no tax.

ZeroSum

Keep_pedalling said:

justwhat said:

Wife has all the savings. In her accounts and Husband has no savings.

How can the husband use the £1000 personal savings allowance. (We would like to avoid having savings in joint names or transferring savings.)

Strange sort of marriage! 

There's lots of valid reasons this might be the case. In my own situation, my wife has zero interest in financial stuff & doesn't understand interest rates. And before we got together, she got herself into a bit of a mess with debt. Whereas myself like many on here, have a very keen interest in personal finance. So she just let's me get on with it, and it's easier to put stuff in my name. In the last few years it hasn't been an issue, but the current situation has now created a tax burden for myself, so have had to start shifting stuff in her name. (There isn't much choice for joint savings options either)