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Avoiding tax on interest
flying_flanders
Posts: 16 Forumite
Hi, I am a higher rate tax payer and my wife is a non-tax payer. I have a new 9 months 0% BT card which I am considering taking the full credit limit from and stuffing it into an interest account, earning the interest and then paying off in month 9.
Is there anything to stop me opening the savings account (ICICI?) in my wife's name and then paying no tax on the interest earnt?
Is there anything to stop me opening the savings account (ICICI?) in my wife's name and then paying no tax on the interest earnt?
0
Comments
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No
But as the balance will be in your wife's name you have to be extra nice to her whilst asking for the money back!0
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