Tax Query

edited 30 November -1 at 1:00AM in N. Ireland
4 replies 1.5K views
CEON44CEON44 Forumite
444 Posts
Ninth Anniversary 100 Posts Name Dropper Combo Breaker
✭✭
edited 30 November -1 at 1:00AM in N. Ireland
If i move money between accounts in my name and accounts in my wifes name, or vice-versa, would I be liable for tax?
I started out with nothing......And still have most of it left:p

Replies

  • saverbuyersaverbuyer Forumite
    2.6K Posts
    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.
  • McKneffMcKneff Forumite
    38.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    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
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • CEON44CEON44 Forumite
    444 Posts
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    ✭✭
    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
    I started out with nothing......And still have most of it left:p
  • saverbuyersaverbuyer Forumite
    2.6K Posts
    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.
This discussion has been closed.
Latest MSE News and Guides

Tesco Clubcard rule tweaks

Be careful when converting points to Cineworld

MSE News

£148 of Ciaté nail polish for £35

Via its Advent calendar (norm £59 delivered)

MSE Deals