ISA Dilemma

mark_cycling00

Was being a bit flippant about that. The point was that HMRC accepts that you might accidentally make a mistake when funding ISAs and you can sort it out so long as you pay avy tax due on your self assessment

boingy

https://forums.moneysavingexpert.com/discussion/comment/82146057#Comment_82146057

That first sentence pretty much sums up this forum! I've got a handful of folks on the ignore list which greatly reduces some of that stuff.

As for your problem, just close one of the ISAs. At worst you'll pay a little tax on the earnings from it whilst it was open. I daresay if you did it every year then the HMRC black van with tinted windows might be parked outside your house, monitoring your every move and plotting your downfall.

But, seriously, loads of people will make the same mistake in any particular tax year. Don't sweat it.

friolento

You can legally put money into your baby's ISA without issue

ISA regulations allow anyone to make deposits into the ISA of a third party, whether baby, minor or adult. The providers are, however, not compelled to allow such deposits - it's up to them whether they do or don't.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/comment/82145898#Comment_82145898

In order to act "legally" in this way you would need a Financial Lasting Power of Attorney which would need to be registered with the institution(s) in question.

No, To operate a bank account of someone who is competent but uninterested or unavailable (eg working abroad) a General Power of Attorney would usually be used.

A General Power of Attorney grants someone authority to manage your affairs for a limited time, often ceasing if you lose mental capacity. However, a Lasting Power of Attorney (LPA) remains in force even if you become incapacitated. from https://legally.io/gb/document/power-of-attorney which was the first reference to General PoA I could find in a sea of LPA results.

masonic

https://forums.moneysavingexpert.com/discussion/comment/82146412#Comment_82146412

Generally, HMRC lets people off a first offence without any tax charge.

Stonesmike

Well it’s been interesting to read the replies.

Thanks for all the responses.

I reckon I will close the isa account and open another one in my wife’s name, I hasten to add with her full knowledge. 🤦‍♀️😀

luci

https://forums.moneysavingexpert.com/discussion/comment/82146204#Comment_82146204

Or wives whose husbands have no interest in financial or other household admin matters.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82146622#Comment_82146622

Excuse the oblique jab at wives implied by my remark. This particular forum largely dominated by males which tends to skew the perception of who takes the lead in financial matters.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82146447#Comment_82146447

, To operate a bank account of someone who is competent but uninterested or unavailable (eg working abroad) a General Power of Attorney would usually be used.

Most banks allow third party access/control of accounts without any Power of Attorney. As long as they get permission from the account holder, which sometimes they insist on seeing in person at a branch.

Third party access | Santander UK

Rollinghome

I would think it now more common than not that one person in a formal domestic partnership handles most, if not all, financial matters for both.

This has long been recognised by financial service providers. Hargreave Lansdown provide the option of allowing a spouse full access each other's account and the ability to do everything apart from cash withdrawals. Fidelity go further and have the option to show both accounts as one with a single figure for value, gains/losses, etc. I doubt they are reporting the arrangement to social services or anyone else. Scottish Widows/Iweb is the only investment platform I use that doesn't allow such access.

So very different to the generation before mine where commonly wives knew nothing of their husband's income or finances, and were paid "house-keeping money". It's now more widely recognised that a partnership that is to last needs mutual trust and respect.