The tax benefits which are available through ISA accounts are only available for individual people. The only instance in which ISA allowances can be transferred is the instance where a spouse or civil partner has passed away and has left the ISA to their spouse in their will or as part of their estate.
But obviously, this is not the ideal situation and would preferably be avoided. You can open alternative savings accounts as a couple — however, these will not have the tax-free benefits you can expect to enjoy through an ISA. There is a bright side to this rule — you can, theoretically, make more savings. If you both put your pennies to work in the right ISAs, and share the profits, you can put your joint finances in a really strong position.
You can also, if you are combining your funds, be flexible with where you keep your funds — by choosing different kinds of ISAs with different kinds of access and benefits, you can maximise your returns. One of the reasons people tend to look to have a joint accounts is to save for a home together. About the show If you are investing for your retirement or are in retirement and are taking an income from your investments the Retirement Money Previous Events. Why are government bond and share prices both rising?
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Couples ditch their Isas to beat new death tax: Widows will have to pay tax on accounts not held in joint names Widows to pay tax on money left to them by partners for first time since 70s Accounts or property in joint names will pass automatically to surviving spouse But accounts such as Isas and Premium Bonds cannot be held in joint names By Victoria Bischoff for the Daily Mail Published: GMT, 11 April Updated: GMT, 12 April e-mail 44 shares.
Is there anything I can do to avoid or mitigate these? Share or comment on this article: Couples ditch their Isas to beat new death tax e-mail Toggle Search. Burberry brings back dividend but Covid restrictions keep Footsie giant Johnson Matthey pulls the plug on electric AstraZeneca to start making profit from Covid vaccine it Price of new homes rise faster than building costs International travel boost for WH Smith as passengers Aviva may offer shareholders a bumper special dividend as BAE snaps up US software group that uses virtual reality Opec warns oil demand will suffer a slump as high energy Petrol has now risen above p a litre and diesel is Women in the driving seat: Three British females now hold Comments 39 Share what you think.
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