We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

will my wife pay any tax?

sam1970 · 2009-03-13 10:28:07

i am sure this question will sound very daft to many experts here but i really would like to know the answer. i ma a high tax payer and i have got a saving account. a friend of mine suggested that i transfer all my savings into a new account in my wife's name as she does not work (housewife). my question is will she have…

Comments

Mikeyorks Posts: 10,377 Forumite

14 March 2009 at 11:42PM

Robert_Sterling wrote: »

The 10% band was abolished.

Indeed ..... for primary tax. But immediately re-instated for Savings interest :-

From 2008-09 there is a 10 per cent starting rate for savings income only. If your non-savings income is above this limit then the 10 per cent starting rate for savings will not apply.

.... £2320 for 08-09 and £2440 for 09-10.

If you want to test the depth of the water .........don't use both feet !
0