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Tax on Santander 123 account interest?
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Which is exactly what I've stated in my calculations, £1000 for his basic rate wife, and £500 for himself.If the Op is a higher rate taxpayer, then their interest tax-free allowance will be £500 not £1000
Because it is a joint account, the interest will be attributed to them equally. So assuming no over accounts use up over half of each of their allowances, theyll have a £750 tax free allowance.0 -
Which is exactly what I've stated in my calculations, £1000 for his basic rate wife, and £500 for himself.
Sorry you did indeed say that.Because it is a joint account, the interest will be attributed to them equally. So assuming no over accounts use up over half of each of their allowances, theyll have a £750 tax free allowance.
No their tax free allowance will still be £1000 for her and £500 for him. Just because it's a joint account and their interest is attributed as half to each doesn't mean that their allowance is halved.0
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