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I’m wondering, if I transfer money to my wife via bank transfer and she pays it into her ISA to make use of her allowance, is this allowable?
Im just nervous that via her NI number they’ll see she’s not earning enough to have made those contributions hence potentially highlighting an anomaly...
Pretty certain there is no tax implication in transferring money between spouses, it's hers then to do what she wants. You dont need to esrn to gave an ISA.
Plus inland revenue ard not going to pick up something likevthat unless you tell them.
That’s perfectly allowed.
A married couple are allowed to transfer/share their tax allowances - there’a a few tricks you can use. MSE always a good source of advice on this.
I expect they will send their money-laundering team in for a full audit. 🙂
You can gift as much money as you like to your spouse.
Its pretty standard for married couples to share tax allowances. Nothing illegal there.
Just tell them it's her housekeeping allowance!
#humblebrag
If you are married it's hers anyway 🙄
If you are married it’s hers anyway
Lol.
Thanks all.
Im just nervous that via her NI number they’ll see she’s not earning enough to have made those contributions hence potentially highlighting an anomaly…
I very much doubt they check ISA limits. They don't check pensions contributions against salary / tax or the limits etc, had endless faff with HMRC over those - in theory they have all the info they just don't seem to do anything with it and everything has to be manually corrected (only if you kick them).
I believe you can give away as much as you want to whoever you want.
Its anything over 3k to anyone other than your spouse that falls into the 7 year inheritance tax rules.