Tax Query

CEON44

If i move money between accounts in my name and accounts in my wifes name, or vice-versa, would I be liable for tax?

saverbuyer

CEON44 wrote: »

If i move money between accounts in my name and accounts in my wifes name, or vice-versa, would I be liable for tax?

What do you mean move money around? Do you mean already post tax income?


But in general no. Simply putting your savings in your wife's account or vice versa won't cause a tax liability.

McKneff

You would only pay tax on the interest on money in your own account..
Your wife would only pay money on the interest of money in her account

Please note.. If you put money from your account to hers,then the money immediately becomes her money.

And vice versa

CEON44

saverbuyer wrote: »

What do you mean move money around? Do you mean already post tax income?


But in general no. Simply putting your savings in your wife's account or vice versa won't cause a tax liability.

Talking about money in savings. I moved quite a large amount from my wifes account to mine (with her consent:))to buy a property in my name. I was panicking afterwards thinking I may have been liable for tax on that money

saverbuyer

CEON44 wrote: »

Talking about money in savings. I moved quite a large amount from my wifes account to mine (with her consent:))to buy a property in my name. I was panicking afterwards thinking I may have been liable for tax on that money

No liability I can think of.


Probably a good idea to talk to an accountant re: BTL tax changes anyway.