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Monteton_47 Posts: 1 Newbie

14 February 2018 at 12:16PM in Boost your income

In today’s email it says; “"How deep is your love?" If you really trust them, reduce tax by saving together. Basic-rate taxpayers can earn up to £1,000/yr interest tax-free under the personal savings allowance (higher rate, £500). If you'll exceed that & your partner won't, consider putting some savings in their name to minimise tax. But you MUST trust each other as you're giving your money to someone else.”

My understanding is that one needs to be careful about the tax implication, as the Inland Revenue would consider this as a gift and above certain levels tax is payable. Not sure if this applies between spouses, but certainly does between partners.

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