joint account for current bank customers

karl1973_2

Hello,
My wife and I both have our own current account with Halifax. for personal reasons, i want to create a joint account where I want to transfer part of my savings for the benefit of my wife. I wonder if the money will be taxed once i transfer it from my current account to the joint account

Thank you.

badger09

karl1973 wrote: »

Hello,
My wife and I both have our own current account with Halifax. for personal reasons, i want to create a joint account where I want to transfer part of my savings for the benefit of my wife. I wonder if the money will be taxed once i transfer it from my current account to the joint account

Thank you.

The money you transfer won't be taxed, but any interest credited will be taxed at 20% unless you register for gross interest. The rules are changing from April next year, when banks will no longer automatically deduct tax.