Is payment from joint account (my login) to wife's ISA taxed? Maybe income or gift?

ZeroSum

friolento said:

If the payment comes from a joint account, the ISA provider cannot tell which of the account holders initiated the payment.

That's not true. It I make a payment from joint account to one of my own accounts, it shows up on my statements as being received from me, not me & the wife. And vice versa

It would probably only show up as being joint if I went into bank to do things the old fashioned way

35har1old

ZeroSum said:

friolento said:

If the payment comes from a joint account, the ISA provider cannot tell which of the account holders initiated the payment.

That's not true. It I make a payment from joint account to one of my own accounts, it shows up on my statements as being received from me, not me & the wife. And vice versa

It would probably only show up as being joint if I went into bank to do things the old fashioned way

Are you the first name on the account I think your name would appear on the receiving account even if your wife made the payment 

Keep_pedalling

kimwp said:

The limit on gifts is only applicable when calculating inheritance tax, so if you were to die, then anything over the gift limit would be included as part of your estate calculations for inheritance tax. 
Inheritance tax is only applicable to an estate worth over a certain amount of money, the time elapsed since the date of the gift reduces the proportion of the limit exceedance that can be considered for inheritance tax and probably the fact that you are married has an effect too. There may be other factors.

Gifts to spouses do not fall under the IHT 7 year rule so fall out if your estate as soon as you make the gift regardless of the amount.

Keep_pedalling

Organgrinder said:

TadleyBaggie said:

There is no tax on gifts, it is never treated as earned income.

There is a limit of £3,000 pa apart from gifts to your spouse, civil partner, charities and political parties. You can also gift up to £250 a person.

In practice though I doubt very much that this is enforced!

This must be the most misunderstood thing about IHT. You can gift as much as you like there is no limit, and it never increases the tax burden on your estate. If I give away £103,000 tomorrow to one of my children but die next week I will have potentially saved my estate £1,200 in IHT (40% of my annual ex exemption) but if I survive 7 years then I will potentially save my estate £41,200 (40% of £103,000).