Will My Wife Pay Tax????

oldandgrumpy

Having initiated a query with a Barclays wotsit, via my wife, on her account, my wife handed the discussion over to me. We sorted the biz, and then the wotsit asked to talk to my wife. She proceeded to point out to her that if I knew her passwords, all insurance cover ceased. So you may know your wifes passwords, but don't let on to the bank!

debbie42

Kitikat wrote: »

I really do need to have my roots done and my nails polished this week.

...in between shopping for all those handbags and shoes, of course. Sigh, it's a tough life.

MarkyMarkD

oldandgrumpy wrote: »

Having initiated a query with a Barclays wotsit, via my wife, on her account, my wife handed the discussion over to me. We sorted the biz, and then the wotsit asked to talk to my wife. She proceeded to point out to her that if I knew her passwords, all insurance cover ceased. So you may know your wifes passwords, but don't let on to the bank!

When you say "insurance" I think you mean that it's a breach of the account terms & conditions to give the passwords to another person. It's fairly academic because there's no earthly reason why the bank should find out.

Similarly, the chances of HMRC identifying that "mere nick-naming" has been going on isn't something that makes me lose sleep at night.

Beneficial ownership has surely passed. For example, if my wife died whilst the money was held in her name, it would clearly form part of her estate and not mine. The fact that I have some control over it - and she doesn't - I don't see as a particularly big deal.

Plasticman

dickieg wrote: »

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

Don't forget though, that if all of the funds are in your wife's name she will only be protected for the first £35K should the bank go bust. If it is currently joint, £70K is protected. May be worth splitting it across a couple of banks if you are worried about that............