We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Sharing income
Options
stoatnose
Posts: 1 Newbie
Hi,
I am about to receive a pension lump sum and will initially put it in a joint bank account in the names of me and my wife.
I intend to put £20000 of it in an ISA in my name. Can my wife buy a similar ISA from the joint account, or does that incurr tax penalties?
Thanks.
I am about to receive a pension lump sum and will initially put it in a joint bank account in the names of me and my wife.
I intend to put £20000 of it in an ISA in my name. Can my wife buy a similar ISA from the joint account, or does that incurr tax penalties?
Thanks.
0
Comments
-
The only time tax comes into play on "gifts" is if you die within 7 years however gifts between spouses are ignored for IHT purposes so it's totally irrelevant.
Secondly, legally with a joint account you each own 100% of whatever is put in there so as soon as it was deposited it became as much her money as yours.
Yes she can choose to put it into an ISA without any tax implications1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.6K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards