Will My Wife Pay Tax????

dickieg

Having just watched "It Pays To Watch" hosted by the main man, it pointed out if you have savings and dont pay tax, your interest can be tax free also if you dont use your tax relief, im just wandering as i work and pay tax would it be possible to swop me and my wifes joint account into her name only and then get the interest tax free, she as no form of income and there is about £75,000 in there, many thanx in advance

MarkyMarkD

Absolutely. As long as you completely trust her, that's a no brainer - get it all in there and save loads of tax.

Best review what account it's in too and make sure the new - single named - account is getting the best rate.

Lokolo

Obviously if her interest is over her personal allownace you have to pay some tax, there is a 10% tax relief but not sure which point it cuts off.

To get tax free interest, fill in an R85 form.

willt

There a form she'd need to submit, I think it's R85 from HMRC to state thats shes a non tax payer, interest should then be paid groos I think

Stavros_3

Get it transferred to the wife, for the record, you do trust her not to Foxtrot Oscar off with the dosh don't you, just curious lol

dickieg

I totally trust my wife ive no problems with that, to be honest if it was left to my wife the money would be in my name, shes not thick or anything its just that she dosent understand stuff like this, it took me weeks to get her to open an isa

MarkyMarkD

Get it into an internet-based bank account, and open it all for her in her name. Don't give her the passwords or anything.

Cook_County

MarkyMarkD wrote: »

Get it into an internet-based bank account, and open it all for her in her name. Don't give her the passwords or anything.

That is not a gift at all...it is "mere nicknaming" (see Scottish Provident Institution v Allan, 4 TC 409 and 4 TC 591, and especially the Lord Chancellor's remarks on 'mere nicknaming' at 4 TC 593)

Jonbvn

Cook_County wrote: »

That is not a gift at all...it is "mere nicknaming" (see Scottish Provident Institution v Allan, 4 TC 409 and 4 TC 591, and especially the Lord Chancellor's remarks on 'mere nicknaming' at 4 TC 593)

You must be a lawyer or an accountant.:p

However, I believe MMD's posts was written with his tongue firmly embedded in his cheek.;)

nzseries1

Cook_County wrote: »

That is not a gift at all...it is "mere nicknaming" (see Scottish Provident Institution v Allan, 4 TC 409 and 4 TC 591, and especially the Lord Chancellor's remarks on 'mere nicknaming' at 4 TC 593)

I seem to have misplaced my copy, could you send me yours? :rolleyes:

Kitikat

All our money is in my name as I am a non taxpayer. My husband keeps going on about how much he must trust me by putting all our savings in my name in our websaver account. I just humour him and let him keep thinking that I don't know that he has just as much access to it as I do. I really do need to have my roots done and my nails polished this week.