Can i save my partners money because i do not pay tax?

JMW77

Hi,
Please can anyone tell me if i am allowed to save more than i earn ,i work part-time and do not pay tax.
So can i open up a regular saver account and earn the full amount without the tax deducted although it is not my money it is my partners.
So saving £500 a month instead of just my £200 for example.
We are not married if that makes any differance.
Thanks for any replies.

evenasus

Well, I am married and all of our savings (ISA's & bonds excepted) are in my name, as my hubby pays 40% tax.

Not sure how we would stand if we weren't married.

Doesn't really answer your question though does it...sorry.:rolleyes:

atypical

I think you'd be fine doing that. Martin encourages parents to do it with accounts in their children’s name, though there’s a £100 interest limit to stop parents doing so excessively.

zaphod_beeblebrox_2

Simple answer is yes as long as the money is YOURS and the income is for YOU by completing the online R85 (Gross Interest)

Yours and You ---> :A


Your age on 5 April 2009 Annual limit limit ..

under 65 £6,035
65 to 74 £9,030
75 or over £9,180

Biggles

But you must read between the lines of Zaphod's post: your partner must trust you absolutely, as if you split up some time in the future, the money would remain yours. It would be no good him saying, 'It's mine but we just put it in her name for tax purposes', as you would both be done for tax fraud.

Robert_Sterling_3

Your partner can make a gift to you of some money.
You must not agree with your partner in advance that he can have it back anytime he likes.

JMW77

We share everything its not his money or mine its just ours ,but i just want to get some savings in a regular savings account as a reasonble rate and put as much as i can in without limiting it to to my wages which is a small amount.
I could always put it both our names and get 50% of the interest tax free but i want to get as much interest as possible.

nzseries1

As long as your partner doesn't mind it being legally entirely your money, I'd do it, why not!

RayWolfe

Biggles wrote: »

It would be no good him saying, 'It's mine but we just put it in her name for tax purposes', as you would both be done for tax fraud.

There is no tax fraud involved in transfers between spouses. It is allowed, accepted, encouraged. How do you think Philip Green was able to pay a "dividend" of £1.2 Billion from companies that he operated but are registered in his wife's name?
Your couple of thou is like peeing in the sea!

Biggles

RayWolfe wrote: »

There is no tax fraud involved in transfers between spouses. It is allowed, accepted, encouraged.

But they aren't spouses......

dali21

The interest earned from savings is classed as income and when this is added to your earned income if it takes you above the single person's allowance, then you will liable for tax on the excess. The single person's allowance is currently £6035 per annum for this tax year.