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Can I gift money to spouse to open ISA?
Nightingale76
Posts: 1 Newbie
Does anyone know if I can transfer £20,000 of my own funds to my husband's bank account (as a gift - no strings attached), which he would then use to open an ISA in his own name? It seems like a good way to maximise our tax free savings (he doesn't have enough cash in his own name to use the full £20k allowance) but I don't want to do anything dodgy!! Thank you for your help.
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Comments
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Yes that’s fine and it is a very common thing to do.
Bear in mind that this money will now legally be your husband’s money.I am an Independent Financial Adviser. Any comments I make here are intended for information / discussion only. Nothing I post here should be construed as advice. If you are looking for individual financial advice, please contact a local Independent Financial Adviser.1
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