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Tax efficient savings
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bondibeach
Posts: 5 Forumite
My wife has stopped working leaving her a non tax payer. Is it legal for me to put my/our savings in her name (I trust her not to run off with the money....) as I am a higher rate payer?
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Yes, it's perfectly acceptable and very sensible when you trust your spouse. Same for shares that you hold in your own name, if any.bondibeach wrote: »My wife has stopped working leaving her a non tax payer. Is it legal for me to put my/our savings in her name (I trust her not to run off with the money....) as I am a higher rate payer?I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Still dont ignore S&S ISA and cash ISAs though. Whilst she is a non-taxpayer now (or will be in April as she may still be a taxpayer for this year), that doesnt mean she always will be. e.g. in retirement, the state pension alone can wipe out the personal allowance.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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It's perfectly legal to give your wife all your money. But obviously it's not legal to lie to the taxman about who the money belongs to."It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis0
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