ISA related - Giving cash to spouse

deefadog

Morning all, Need some advice, i have £13200 that i want to invest is ISA's 2 (6k) this side of the deadline and 2 (7.2k) the other side. Can withdraw the total amount from my savings and transfer 6.6k to my wife so we can both open up ISA accounts?

I know there is a gift limit amount law or something, but as you all know what's mine is the wife's and and what's heres is heres LoL

Thanks

debbie42

deefadog wrote: »

Can withdraw the total amount from my savings and transfer 6.6k to my wife so we can both open up ISA accounts?

There are no restrictions on cash transfers, gifts etc. between spouses, so you can transfer as much cash as you like to your wife without any worries.

...Unless she starts running out of wardrobe space with all the new handbags, shoes etc. that start appearing. As if I'd do that :rolleyes:

deefadog

Excellent, thanks Deb. Looks like i'll be getting 4 of the Barclays ISA's then!

....Transferring money from account
Giving your wife a lump sum (no that's not slang
Investing the lump sum
Padlock on the wife's wadrobe....Priceless

debbie42

It's a padlock on her purse you'd need, not the wardrobe.

If the purse turns out to have a Hermès label that's when you'd start getting worried...

deefadog

Well the purse is in the wadrobe

dunstonh

The only issue (minor) that you will have is that you cannot write a cheque drawn on your sole account payable to her ISA. It has to be drawn on a joint account or a sole account in her name.

If you run sole accounts then you will have to pay her the money first so she can then issue a cheque.

deefadog

Thanks, I thought that might be the case so i would just transfer it over and then we would set up the ISA's online (as we are with Barclays)

Thanks