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Tax on Joint Bank Account Interest
splatt30
Posts: 340 Forumite
in Cutting tax
I am a higher rate tax payer.
My husband is self employed part time and his income doesn't reach the personal allowance.
Is there anyway to write all interest earned on our joint account over to him in order to reduced the tax burden?
My husband is self employed part time and his income doesn't reach the personal allowance.
Is there anyway to write all interest earned on our joint account over to him in order to reduced the tax burden?
0
Comments
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No. You are liable for the tax on your half of the interest. The only way is through individual accounts.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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No. You are liable for the tax on your half of the interest. The only way is through individual accounts.
Come the new financial year the first £1000 if interest earned by your husband will be tax free, and as a higher tax payer the first £500 for you. If your interest is below that then it is probably not worth doing as you have such a short period in which to save a very small amount of tax.0
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