Can you have a joint ISA in the UK?No. ISAs (Individual Savings Accounts) cannot be held jointly in the UK. By definition and by law, an ISA must be held in a single individual name. Couples, married or otherwise, cannot open a shared ISA. Each person must open their own ISA and use their own annual allowance. ISAs are individual accounts — no joint ISAs exist in the UK. Each person has their own £20,000 annual allowance. A couple can shelter up to £40,000 per year between two ISAs. How couples can maximise ISA allowancesWhile you cannot share an ISA, couples can each open their own and effectively pool the benefits. With a £20,000 annual ISA allowance per person, a couple can shelter up to £40,000 per year from tax — £80,000 over two years, and so on.
What is the Additional Permitted Subscription (APS)?When a spouse or civil partner dies, the surviving partner receives an Additional Permitted Subscription (APS) equal to the value of the deceased person ISA at death. This allows the survivor to invest the inherited amount into their own ISA without it counting against their annual allowance — preserving the tax-free status of the inherited savings. Can you have a joint savings account alongside ISAs?Yes. Joint savings accounts (non-ISA) can be held jointly. Interest earned is split 50/50 for tax purposes unless you declare a different split to HMRC using form 17. Each person uses their own Personal Savings Allowance against their share of the interest. Junior ISAs for childrenWhile couples cannot hold a joint ISA, they can both contribute to a child Junior ISA. The child owns the account, but parents and grandparents can all contribute up to the £9,000 annual JISA allowance per child. Verdict No joint ISA — but double the allowance as a couple There is no joint ISA, but two individual ISAs give a couple £40,000 per year of tax-free shelter. Gift money between spouses freely — gifts between UK-domiciled spouses are exempt from inheritance tax and income tax. Frequently asked questionsCan married couples combine their ISA allowances? Not in one account. Each spouse has their own £20,000 ISA allowance and must open their own ISA. You can each contribute up to £20,000 per year — £40,000 combined. Can I transfer money from my ISA to my partner ISA? You cannot directly transfer an ISA to another person. You would need to withdraw money from your ISA (losing the tax-free wrapper on that amount) and gift it to your partner to deposit into their own ISA — subject to their annual allowance. What happens to a spouse ISA when they die? The surviving spouse receives an Additional Permitted Subscription (APS) equal to the ISA value, allowing them to invest that amount in addition to their normal £20,000 annual allowance. Can I open an ISA in my partner name? No. You cannot open an ISA on behalf of another adult. Each person must open and manage their own ISA. You can gift money to your partner for them to deposit into their own ISA. |
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