Given up work- stop paying tax on savings?

SparkyG

I have just stopped work and so I'm no longer a tax payer. My husband works full time and pays income tax. We have quite substantial investments, all in joint names, which are in various building society bonds. Will I be able to register as a non tax payer regarding the interest, and if so how?

Thank you for any help.

Mikeyorks

If your income this tax year exceeds your personal allowance -then you're still a taxpayer.

But may not be from 6th April 2012? In which case you file an R85 on the affected accounts. As they're joint accounts then, in theory, they can pay your 50% gross. In practice, and particularly as they're Bldg Socy accounts, their software may not permit such a split and you have to reclaim from HMRC after the year end.

le_loup

What Mike says, but for the future you may want to consider putting the savings into your sole name, then you get back 100% of the tax.

Your husband may object if you have a propensity to buy shoes!

Mikeyorks

I find that all the cash in my wife's name - but none of the passwords - works quite well.

le_loup

That's my ruse too. Could be a problem if I die suddenly. She may be working on that!

Mikeyorks

I have the same concern - (re my premature demise!). To be fair there are 5 documents on the PC which detail where everything is / interest rates / cessation dates et al. She cannot find any of them! Despite we have been over it all several times.

xylophone

http://www.hmrc.gov.uk/helpsheets/r85-helpsheet.pdf

jennifernil

Mmm, I have all the (non-ISA) money, and all the passwords!

le_loup

Mikeyorks wrote: »

To be fair there are 5 documents on the PC which detail where everything is / interest rates / cessation dates et al. She cannot find any of them! Despite we have been over it all several times.

As do I - AND on her computer in a desktop file called le loup's files but she too is only capable of using money,
Different breed.

... but there are exceptions as jennifernil shows. Maybe there is hope for the future.


I really don't believe a word of this sexist nonsense, but it is fun, isn't it?

Mikeyorks

jennifernil wrote:

Mmm, I have all the (non-ISA) money, and all the passwords!

We do share the ISA money - both cash and investments.

But I have all those passwords as well!

The cash is bad enough .... but she really freaks out on the S&S stuff. I'm under strict instructions only to discuss when the Markets are heading North. East and West is OKish. South gets me duct tape over the mouth. We've used a lot of duct tape the last 6 months!

namecheck

Just to even up the male/female divide - I manage all the money, whether in my name or my husband's, AND have all the passwords. He finds money boring (as long as he has enough to do what he wants) and is quite happy for me to deal with everything (that means saving/paying the bills etc etc).
However, I do wonder how he'll manage if he's left on his own!