Personal tax allowance transfer?

Lusty

Hello all
Right here is the question.
Can my wife who has been unemployed since July 2007 transfer her personal tax allowance to myself?
If so can any tax owed to us be back dated?
Thanx in advance.

suso

Lusty wrote: »

Hello all
Right here is the question.
Can my wife who has been unemployed since July 2007 transfer her personal tax allowance to myself?
If so can any tax owed to us be back dated?
Thanx in advance.

Simply put no she can't, its a personal allowance, not a family allowance.

however
if either of you was born before April 6th 1935 you could transfer the married couples allowance to yourself.
or any surplus blind persons allowance over to yourself.

They are the only transferrable allowances.

If you have savings, if you put them all in your wifes name then she won't pay tax on the interest (up to her personal allowance)

Any

suso wrote: »

If you have savings, if you put them all in your wifes name then she won't pay tax on the interest (up to her personal allowance)

I second that.
The only way how to get out of paying some tax and utilise her allowance is to transfer assets into her name (such as savings, rental properties for rental income etc).

dzug1

suso wrote: »

If you have savings, if you put them all in your wifes name then she won't pay tax on the interest (up to her personal allowance)

But remember that 'putting them in your wife's name' is a synonym for giving them to her. Depending on your relationship you may or may not be happy with that.

Any

dzug1 wrote: »

But remember that 'putting them in your wife's name' is a synonym for giving them to her. Depending on your relationship you may or may not be happy with that.

I am always surprised about notes like that... Maybe I understand wrongly. Bur as it is a "wife", she would get it anyway in divorce??

(depending on how good is her lawyer of course:rotfl:)

I mean - in a divorce settlement you pool everything you gained while together and then split it up?

dzug1

Any wrote: »

I am always surprised about notes like that... Maybe I understand wrongly. Bur as it is a "wife", she would get it anyway in divorce??

(depending on how good is her lawyer of course:rotfl:)

I mean - in a divorce settlement you pool everything you gained while together and then split it up?

Not necessarily 50:50 - depending on the lawyer/courts....

And more to the point she could have spent it all before then anyway

Any

dzug1 wrote: »

Not necessarily 50:50 - depending on the lawyer/courts....

And more to the point she could have spent it all before then anyway

Yes, I know...
But if she wanted to she could have spent it even if it wasn't just in her name...
Supposedly in such a type of families people have a joint account anyway, unless they are the Fritzl's and he needs to hide money away from the wife (to be able to feed the family in the cellar..):D

I understand where your warning is coming from, don't take me wrong. Was just wondering whether it's normal and generaly taken in account that if wife stays at home and looks after the family and the husband, then she can be left with nothing..

Seanymph

You could, if you were self employed for part of your business pay her yourself for secretarial services say up to the value of her tax allowance, and this would be taken from your earnings prior to tax calculations.

Therefore 'using' her tax allowance against your income.