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Clarification
Ultra471
Posts: 2 Newbie
in Cutting tax
Quick question.
If I transfer the savings from my joint account (husband-wife) to my wifes personnal account (housewife), is she liable for tax? Either on interest earned or transferring the money to her.
Regards
If I transfer the savings from my joint account (husband-wife) to my wifes personnal account (housewife), is she liable for tax? Either on interest earned or transferring the money to her.
Regards
0
Comments
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Assuming you are legally married, transfers between spouses are completely outside the tax system, so no issues with the transfer. Whether she pays tax on the interest would depend on her total taxable income - if all her taxable income exceeds the personal allowance (~£5kpa) then yes, she pays tax on the interest.0
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Thanks for the help, it is much appreciated.
Regards0
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