Can I gift money to my husband?

[Waitingfordoggo]

This is probably a really stupid question but I can’t find a clear answer via Google, and I struggle with the language around money/tax/legislation etc when I try to read articles around the subject.

If I sell an asset which is in my name, can I give my DH £20,000 to put in an ISA in his name? Is that legal? (I will also be putting the same amount in an ISA in my name).

Legal as in- any tax implications for either of us? I know there is something about being able to gift £3000 a year to family members but I don’t know if this is relevant here.

I know there are lots of very savvy MNers about so hoping someone will know the right answer.

Now annoyed with myself for using ‘gift’ instead of ‘give’ in the title. I know that winds some people up 😬

Yes you can do this. My husband gives his earning to me to invest because then the interest comes under my tax free allowance rather than his.

I also have my own ISA and he has one. He pays into my stakeholder pension.

You can basically give all your money to you DH to invest, and if you were to divorce it would still be counted as joint assets, even though for tax purposes you are taxed separately while married.

Absolutely, not a problem at all.

Brilliant, thanks all.

Just remember that it is then his money and not yours so if he spends it on his hobby or whatever you can't stop him. No tax implications between spouses though. Think Martin Lewis covers this on his MoneySavingExpert site.

https://blog.moneysavingexpert.com/2018/06/martin-lewis--is-there-any-point-in-being-married-/
Briefly touched on in point 7.