Personal Savings Allowance

darrendarren

If HMRC automatically collect tax on any interest earned over £1000, how do they differentiate between savers when the interest is paid into a join account?

le_loup

50%/50%
...........................

darrendarren

do you know if this can be altered, if say one partner has a savings account in just their name, in which case you'd want the joint savings interest to be apportioned 100% to the other person?

BoGoF

Yes......transfer the money to the other person.

eskbanker

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance says

If you have any joint accounts then you will need to notify HMRC of your share of the interest via form BBSI5.

which I presume applies to anyone wanting to specify a non-50/50 arrangement, although that form isn't easy to locate in a quick search!

RG2015

eskbanker wrote: »

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance sayswhich I presume applies to anyone wanting to specify a non-50/50 arrangement, although that form isn't easy to locate in a quick search!

My wife and I have joint current accounts earning interest. My wife has no other taxable income and I assumed that the split was automatically 50:50. When tax was deducted at source, only half had tax deducted as she had submitted the tax form for interest to be paid gross.

I assumed that this would continue, but would this BBS15 form allow us to assign 100% of the interest to her?

Dazed_and_confused

It looks like joint accounts between spouses are slightly different to other joint accounts,

https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2420

And the link referred to in previous posts no longer mentions joint accounts or BBS15. Very odd!

RG2015

Dazed_and_confused wrote: »

It looks like joint accounts between spouses are slightly different to other joint accounts,

https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2420

And the link referred to in previous posts no longer mentions joint accounts or BBS15. Very odd!

Thank you,

Yes, I saw the BBS15 reference earlier today but it has now disappeared.

However, I cannot in all conscience justify a higher proportion to my wife so I will stick with 50:50.

AirlieBird

Dazed_and_confused wrote: »

And the link referred to in previous posts no longer mentions joint accounts or BBS15. Very odd!

It never did until an update at the end of November. An update that has now been reversed.

RG2015

ryanjoseph wrote: »

Just make an enquiry at Bank

About what?

RG2015

Is it the bank’s decision how they split the interest or is it based on HMRC’s advice/instruction?