In the UK, Individual Savings Accounts (ISAs) cannot be held jointly due to specific tax regulations. Each person must have their own ISA, allowing individual tax-free benefits and contributions. This system not only aids tax authority tracking, ensuring clarity and compliance, but also protects the tax-free status of savings in case of events like death or divorce. Couples can optimize their savings by using separate ISAs while still benefiting from their individual allowances.
Each individual must open separate ISAs, and the tax-free benefits apply to each account holder's individual contributions.
ISAs are designed to be individual savings accounts with the tax-free benefits being assigned to a single person.
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