Investments and ISA allowances.

CrystalGlass

We recently downsized allowing me to invest surplus proceeds. We have always held all assets jointly, however my husband has memory problems and I have full Power of Attorney for him. I was advised by the bank that Investments can only be made in one persons name, consequently we are losing my husbands ISA allowance every year.
QUESTION: is there any way we can utilize this annual allowance to decrease tax liability

Keep_pedalling

As you have POA for him you can open ISAs for him. In the long run it would be best if you split all your savings in case there is ever a need for a financial assessment for one of you. 

eskbanker

CrystalGlass said:

We have always held all assets jointly, however my husband has memory problems and I have full Power of Attorney for him. I was advised by the bank that Investments can only be made in one persons name, consequently we are losing my husbands ISA allowance every year.

Perhaps some crossed wires arising from the fact that an ISA can't be held jointly and can only be in one name, so you can't ever have had joint ISAs and can only have held them individually?  As above, there's nothing to stop you from opening one in your name and another in his name under the PoA....

CrystalGlass

Thank you for your comments. What I meant was the investment account holding our joint savings benefits from my ISA allowance only as the account is in my name only
I wasn't advised by the bank that I could open a second account in my husband's name under the PoA. 
That is exactly what I needed to know. Thank you.

friolento

eskbanker said:

CrystalGlass said:

We have always held all assets jointly, however my husband has memory problems and I have full Power of Attorney for him. I was advised by the bank that Investments can only be made in one persons name, consequently we are losing my husbands ISA allowance every year.

Perhaps some crossed wires arising from the fact that an ISA can't be held jointly and can only be in one name, so you can't ever have had joint ISAs and can only have held them individually?  As above, there's nothing to stop you from opening one in your name and another in his name under the PoA....

Unfortunately, not all accounts can be opened under PoA. There‘s a thread on the subject which may help the OP: https://forums.moneysavingexpert.com/discussion/6511400/best-isas-for-opening-as-poa

eskbanker

friolento said:

eskbanker said:

CrystalGlass said:

We have always held all assets jointly, however my husband has memory problems and I have full Power of Attorney for him. I was advised by the bank that Investments can only be made in one persons name, consequently we are losing my husbands ISA allowance every year.

Perhaps some crossed wires arising from the fact that an ISA can't be held jointly and can only be in one name, so you can't ever have had joint ISAs and can only have held them individually?  As above, there's nothing to stop you from opening one in your name and another in his name under the PoA....

Unfortunately, not all accounts can be opened under PoA. There‘s a thread on the subject which may help the OP: https://forums.moneysavingexpert.com/discussion/6511400/best-isas-for-opening-as-poa

OK, there's nothing within the power of attorney or ISA regulations that prevents an attorney opening an ISA on behalf of the donor, but individual providers aren't compelled to make their products available on that basis.

CrystalGlass

Many thanks for that link, and it could be why our bank did not suggest opening a Donor account. However, the information in the link was useful for my sharing our LPA's online directly rather than the via the post.
For the sake of clarity, our investments are not just in ISA's but the availability of an additional ISA allowance to 'wrap' investments incrementally would be useful