Can I put savings in partners name so as to avoid paying tax on interest?

zygurat789

dzug1 wrote: »

'Legally hers' and 'her name on the accounts' are not quite the same thing. If she doesn't have control of the money then it's arguable that the gift was not effective and is just a front for your own tax evasion.

I'm not saying that was the intention but it could be viewed that way.

It is a lot more legal than most of the stunts the really rich get up to.

zygurat789

dzug1 wrote: »

'Legally hers' and 'her name on the accounts' are not quite the same thing. If she doesn't have control of the money then it's arguable that the gift was not effective and is just a front for your own tax evasion.

I'm not saying that was the intention but it could be viewed that way.

If the account is in someone's name then their signature has to be on the account, or the bank will be in breach of some data protection clause.
I think that this was a little "tongue in cheek" and you have risen to the bait

Blobby8_2

chrismac1 wrote: »

do it online and make sure only you have the passwords,

Suggests that the account will be controlled only by someone other than the named account holder - sounds like fraud to me .

antrobus

Put it this way. When he became PM Gordon Brown transferred the ownership of his London flat into his wife's name in order to "give her more financial independence". Feel free therefore to transfer whatever savings you like into your partner's name in order to similarly grant them some "financial independence".

Of course if the individual in question is merely your 'partner' rather than your lawfully wedded spouse (or indeed one of these new fangled civil partners I believe), then you are talking about a gift that might potentially be liable for inheritance tax should you die within the next seven years and your estate is in excess of the limit and if whoever is filling in the forms can be bothered to ask the right questions. This may or may not be a concern to you.

lisyloo

Feel free therefore to transfer whatever savings you like into your partner's name in order to similarly grant them some "financial independence".

As you point out there are differences between spouses and partners especially if they split.
Silly to advise the OP to "feel free" to do the same thing when it's a completely different scenario.

antrobus

lisyloo wrote: »

As you point out there are differences between spouses and partners especially if they split.
Silly to advise the OP to "feel free" to do the same thing when it's a completely different scenario.

Alert! Sense of humour failure detected.