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Wife not working, tax benefits?
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samsip
Posts: 9 Forumite
in Cutting tax
Hi,
My wife is currently not working, and is a fulltime mum/housewife. We are about to enter the world of savings accounts, and my income is such that I am on a higher tax bracket.
I was wondering if there are any issues with me passing my disposable income to my wife and she setting up the savings accounts in her name, so paying less tax? Obviously we both have ISAs which are full, so I am wondering how to handle the extra money and the best way to do things.
Is that allowed, or is there a better way to do it?
thank you
Sam
My wife is currently not working, and is a fulltime mum/housewife. We are about to enter the world of savings accounts, and my income is such that I am on a higher tax bracket.
I was wondering if there are any issues with me passing my disposable income to my wife and she setting up the savings accounts in her name, so paying less tax? Obviously we both have ISAs which are full, so I am wondering how to handle the extra money and the best way to do things.
Is that allowed, or is there a better way to do it?
thank you
Sam
0
Comments
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It's perfectly acceptable to do this.
Just remember that the money technically becomes hers - but I'm sure you trust her.0 -
If your wife is not paying tax, or even if she was paying at a lower rate, it make sense to place your savings in her name. She can register for gross interest and receive interest up to her allowance tax free, and then some at 10% tax.
There is no problem moving money between spouses.0 -
thank you
I just wanted to be sure, dont want the tax man knocking on my door asking where my money is !!
Is there a limit to how much I can give to her?0 -
thank you all
Will definitely keep that all in mind. At least i'll have the house and my ISA all to myself.
Just hope she gives me a few years before she decides to take the savings and run.
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Since day one we have had a current account in joint names and an associated deposit account in the name of the lower taxpayer just by asking the bank to do it all transactions from both accounts are on either signature but all the interest is in the name of the lower taxpayer.The only thing that is constant is change.0
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I think that everyting had been said. Lokolo, love your post0
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