tax on savings

taxexileifonly

can anyone tell me if I can save tax on my savings by transferring all of my savings into my wife's name,indeed would it legal.
She does not work and I am retired but pay income tax on my small pension where as my wife no longer has any income.:beer:
Doesn't that nice man who owns BHS do something similar.

jennifernil

Yes, transferring between spouses is perfectly in order. She can then register to receive gross interest.

p00hsticks

Perfectly legit, but you need to be aware that if you do this then the savings are no longer yours, but your wifes. So don't do it if you think she might empty the account and run off with the milk man!

chrismac1

It is fine and something I have done myself! The key thing is, as per the last post, it must be without reservations. So the accounts will be in her name and she has legal title, it's a good test of how much you trust one another this sort of thing!

zygurat789

However, the accounts may be either/or of two signatures even if they are in one name only. So you could, if push came to shove, get it back if you were quick enough.