Personal Savings Allowance

eskbanker

RG2015 wrote: »

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

I don't believe the banks are party to the split at all, they'd just advise HMRC that interest of £x was paid to a joint account held by A and B, and it's then up to HMRC to do the allocation after that.

RG2015

eskbanker wrote: »

I don't believe the banks are party to the split at all, they'd just advise HMRC that interest of £x was paid to a joint account held by A and B, and it's then up to HMRC to do the allocation after that.

Thanks for the reply. This is what I thought. One of our joint accounts had an R85 submitted and up to April 2016 only had tax deducted on half of the interest. The other was opened after April 2016 so all the interest was paid gross.