The Lemon Fool

Evening All,

Does anyone know if I could pay funds directly into my wife's S + S ISA from my bank account online, or do I have to send a cheque and a letter or even gift her the funds first into her bank account then she pays it in? I'm aware this would be classed as a gift to her either way.

Or maybe it even differs from broker to broker?

Thanks.

If you are actually married in a formal sense there can be no issue. If you are not formally married (ie "common law wife") then best not to die for a few years.

I use AJ Bell, iWeb and X-O. My wife has s&s ISAs with all 3. She lends me her debit card which operates on our Joint Account when we wish to deposit money in her accounts. I deposit the money and return the card to her. I use my own debit card on the same account to fund my ISAs.

There can't really be a problem whatever you do. Many cash ISAs can be funded via a sort code and account number, therefore the source of the money is effectively anonymous. Shares ISAs won't have different rules in that respect.

Scott.

doug2500 wrote:Evening All,

Does anyone know if I could pay funds directly into my wife's S + S ISA from my bank account online, or do I have to send a cheque and a letter or even gift her the funds first into her bank account then she pays it in? I'm aware this would be classed as a gift to her either way.

Or maybe it even differs from broker to broker?

Thanks.

This question is very unclear. What exactly is your worry? You talk about "being classed as a gift" which sounds like your concern is inheritance tax, but then you seem to be talking about brokers making the rules.

Could you clarify what your concern is please. Is it tax? Is it ISA rules? Is it broker procedures? Is it money laundering regulations?

GS

Thanks all.

No worries at all, just a procedural thing. To be clearer, if we open an isa in her name can I fund it with my debit card, or do I have to gift her the money so it is funded from her own account?

Doug

doug2500 wrote:To be clearer, if we open an isa in her name can I fund it with my debit card, or do I have to gift her the money so it is funded from her own account?

That's going to depend entirely on the broker's system. Some operate a "linked account" system, where the opener has to link a bank account in their name with the ISA for withdrawals and also link the debit card for that account with it for deposits. Others may allow more flexibility. Best you name the brokers you are considering and ask folks here what they do.

IWeb (and I assume also Halifax and Lloyds) operate the "linked account" (and card) system described above. Interactive Investor let you enter any debit card but it has to be in the account holders name and registered to the same address.

P.S. IWeb will also (or, at least, have in the past) allow transfers in by BACS/faster payments, but you have to ask them for the account details and reference to use, and I don't know what checks they may do on the source, like possibly wanting to match the name of the account holder.

doug2500 wrote:Thanks all.

No worries at all, just a procedural thing. To be clearer, if we open an isa in her name can I fund it with my debit card, or do I have to gift her the money so it is funded from her own account?

Doug

As said it depends upon the broker. In my experience with A J Bell, it's easy using a debit card. My childrens JISA's have been funded from both my debit card and the wifes, though we have seperate accounts. By using your debit card to fund her ISA you are gifting the money, though that's not relivent if you are legaly married or civil partners.

I recommend avoiding bank transfers. Not because there is anything wrong with funding the account that way, but because brokers normally link their accounts to "your" or in this case your wifes bank account. If money is taken from the ISA, that's the account it arrives in. You really want to avoid any confusion of that process.

A join account is generally the easiest way. The funds are supposed to be hers! This solves that problem

In answer to the OP. Yes, you need to give the money to your wife and she then needs to fund her ISA with money from her account.

doug2500 wrote:Evening All,

Does anyone know if I could pay funds directly into my wife's S + S ISA from my bank account online, or do I have to send a cheque and a letter or even gift her the funds first into her bank account then she pays it in? I'm aware this would be classed as a gift to her either way.

Or maybe it even differs from broker to broker?

Thanks.

I look after HL S&S ISA for myself and my sister. Main method to add funds is via debit card, and they seem to address check i.e. the address associated with the debit card has to match the address on the HL account (I know this cos there was a period where the address on her ISA was different from the address on her debit card/current account and the annual ISA subscription wouldn't go through).

Thank you all very much.

The broker in question is X O. If they would accept payment from a joint debit that would work well because it's linked to my account and it would be an easy online transfer.

It's not a frequently discussed broker but I like to have assets spread and already use the main brokers for SIPP's and ISA's, joint and own trading accounts. I'm also a jarvis shareholder and interested in the user experience.