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Bequest and Tax allowance
Yannis
Posts: 1 Newbie
My husband has received a £100,00 bequest. He is a normal taxpayer as such has used his full allowance. I have no tax liability. Can I open a savings account (or 2 x £50,000) and transfer the capital and therefore use my full tax allowance on the interest with out penalty to my husband or myself. Or is there a better method?
0
Comments
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Yes, that's fine. Bear in mind that you will be liable to some tax on interest over the basic allowance, so depending on the interest rate you might not be able to get the interest paid gross.0
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