Thanks, that makes sense as a more straightforward option. Issue is if I pass away, the funds would get blocked. On paper if i or both parents pass away our kids would be well off, but back home we re dealing with inheritance of my Grandmother, which amounts to around 12 000 euros to be shared between a bunch of people, and it hasn t been sorted out after 2 years. So would like our kids to be fine until the probate is sorted out. Plus not willing to go to the UK to open an account, if that s still even possible now for non residents non nationals ( i used to have accounts in the UK but closed them years ago) But the idea to open an individual account might be the safest and simplest option, going to check how it works to donate funds to her and open her a personal account.
Why joined accounts? You have other options not to involve the tax office, you say GBP so I guess it's the UK inland revenue. Just fund her from Portugal. She can quickly set-up a multi currency account with online banks like Revolut, or once in the UK, have a Monzo account too. And even use an IBKR debit card on your account for cash withdrawals... As you daughter she won't be bothered with taxes (except uni fees), unless she is trading from the UK and making money. She will also get a few benefits, like lower council tax for the house is she rents (if not in campus), and lower national insurance taxes as a students if she intends to do small work or she is somehow declaring small incomes. Otherwise they won't bother her.
Does IB ireland offers debit cards ? I thought it never reached european customers. Funding her day to day expenses is not the main issue though, Revolut or similar should work fine indeed. Thinking of setting aside a 300k gbp or so so she doesn t need to worry about her finances while she studies ( like I die and funds get frozen or I get too upset she chose higher education over a mma career and I decide not to support her anymore)
Not sure about Eire as I am in the UK... But I just googled it out of curiosity and some on Reddit are saying it might be discontinued. Monzo is also a great online bank, protected by FSCS as the others (up to 85k GBP). Revolut is good for multi currency, both of them are easy on commissions when traveling europe. The saving account was paying 4% Apr until recently, 3.6% now
I assume she will know about your passing before IB does... So plenty time for her left to withdraw the money meanwhile, and then tell the lawyers she is going to return in as soon as the case is settled. (unless that would be considered stealing and would have legal cosequences...)