How AI Legalese Decoder can Navigate the Complexity of What to do with Savings When Moving to the UK
- May 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for Moving to the UK and Tax Considerations
Thanks in advance for any advice you can provide.
My wife and I are in the process of relocating to the UK this summer, and we plan to bring back approximately 100k in savings. We aim to use this amount, alongside the existing 38k, for a down payment on a house within 6-12 months of our arrival in August.
We are curious about how tax on savings works in the UK. Can we each set up individual ISAs, or is there a shared allowance for married couples? Additionally, can our daughter benefit from this arrangement? Furthermore, we are contemplating whether putting our savings into a trust for her might have tax implications.
The existing trust for our 18-month-old daughter already holds 38k, which can apparently be used for a house for all of us to live in. Moreover, we have an additional 45k in an ISA account under my brother’s allowance and name.
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Stick £20k each in your *Individual* Savings Accounts ([ISA](https://ukpersonal.finance/isa/)), and look at the [Savings wiki page](https://ukpersonal.finance/savings/) for a link to the best (taxable) savings accounts for the remaining money, the section on Personal Savings Allowance explains your tax-free allowance. You also have a £50k Premium Bonds allowance which is another good short term place to put large sums of cash, no interest is paid but large sums have a high probability of winning tax-free prizes. Play around with [this calculator](https://premiumbondsprizes.com/#10000) to get an idea if what you might win, then compare it with the guaranteed interest in a taxable account to work out which you would be better off with.
Your daughter could use a [Junior ISA](https://ukpersonal.finance/investing-for-your-children/) but the money is legally hers the second it goes into the account and she can’t access it until she is 18, so no good as a place for storing your house fund.
The money in your brother’s ISA is legally his. You will need to hope he is willing to gift it back to you, and you will need to give evidence (a letter / signed form) to your solicitor saying he expects nothing in return (e.g. no stake in the property) to satisfy the mortgage providers.
Hi /u/flib_bib, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/tax-traps-and-tax-efficiency/
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