Kaupthing Edge interest is taxed?

LucyTheDwarf

As far as I am aware, you can't have a joint KE account. But if you and your partner were to set up separate accounts, you would each have a tax free allowance to use, providing your partner also does not work.

tinkerbel

Hey guys, silly question but can anyone tell me where I should send the r85 form once ive filled it in?
TIA
Tink

LucyTheDwarf

tinkerbel wrote: »

Hey guys, silly question but can anyone tell me where I should send the r85 form once ive filled it in?
TIA
Tink

To your bank.

cheekykid

LucyTheDwarf wrote: »

As far as I am aware, you can't have a joint KE account. But if you and your partner were to set up separate accounts, you would each have a tax free allowance to use, providing your partner also does not work.

I thought the same till I emailed them:

I can confirm that we do offer sole, joint, company & Trust Accounts. If you do opt for a sole account and the account holder passed away, the account would be frozen awaiting 'Manx Probate' to be granted. In this event an advocate on the Isle of Man would need to be contacted by the executors to gain 'Manx Probate' and then the executors would provide instructions to us for the distribution of the estate/funds.

So if they do offer a joint account is the allowance doubled?

jem16

cheekykid wrote: »

I thought the same till I emailed them:

I can confirm that we do offer sole, joint, company & Trust Accounts. If you do opt for a sole account and the account holder passed away, the account would be frozen awaiting 'Manx Probate' to be granted. In this event an advocate on the Isle of Man would need to be contacted by the executors to gain 'Manx Probate' and then the executors would provide instructions to us for the distribution of the estate/funds.

Are you in the Isle of Man?

They don't offer a joint savings account. Read FAQ No 7
http://www.kaupthingedge.co.uk/help/Faqs.aspx?id=01

So if they do offer a joint account is the allowance doubled?
[/LEFT]

Yes.

runciblespoon

I think this thread is getting two branches of Kaupthing confused.

There's Kaupthing Singer and Friedlander - https://www.kaupthingsingers.co.uk - which is based in the UK.
And there's Kauthing Singer and Friedlander International - run by KSF (Isle of Man) Ltd - https://www.kaupthing.co.im

KSF UK is currently offering a Kaupthing Edge account at 6.55%. This will have 20% UK tax deducted at source, and is protected by the FSCS.

KSF IoM is offering a Kaupthing Edge account at 6.86%. You can either choose to have European Savings Tax deducted at source (currently 20%, to rise to 35% in 2011) or have no tax deducted but they send the information to HMRC and you then have to complete a tax return. There's no FSCS protection, but the Isle of Man has its own (much weaker) compensation scheme.

Anything referring to 'Manx probate' will be the offshore variant. Most of the threads on here are about the onshore account - Kaupthing have recently aligned their brands so the names are now confusing.

cheekykid

The bank I refer to is kaupthing-edge.co.uk. They don't offer joint accounts and the email I got was from .co.im

LucyTheDwarf

I suspect you may have emailed the wrong address...

cheekykid

LucyTheDwarf wrote: »

I suspect you may have emailed the wrong address...

I did:eek:

If the account is not joint and I go bust what happens with the money? Since me and my partner are both unemployed:D we thought about having a joint account since with the double allowance we will receive virtually free of tax interest rate.

The problem is none of these high interest accounts allow joints. Any help on this one?

jennifernil

Why not open an account for each of you? Comes to the same thing in the end tax-wise surely?