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Reducing tax on savings
butterfly72
Posts: 1,222 Forumite
Me and the OH are saving for a house deposit. We have a good amount in our own savings accounts. However, the OH pays 40% on his savings and I only pay 20%. Now, I know if we were married we could put all the savings into my name.. but we're not! What can we do? Can he just pass all his savings to me and hope he doesn't die within the next 7 years! Or can we open a joint current account and sneakily pass the money that way. Any ideas? Thanks.
£2019 in 2019 #44 - 864.06/2019
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Comments
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Me and the OH use a joint current a/c with money paid into a savings a/c in my OH's name. My OH is a non-tax payer.
If I died (God forbid) then she would continue to have full access to both accounts.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Yes you can transfer the money with no complication apart from death. However, it becomes your money to do with as you wish.
That means you can spend it, give it away, run off with it.
He may NOT control it, it is no longer his money. If it is then it is tax evasion which is criminal.0 -
Me and the OH use a joint current a/c with money paid into a savings a/c in my OH's name. My OH is a non-tax payer.
If I died (God forbid) then she would continue to have full access to both accounts.
Upon death, any account solely in the name of the deceased is frozen until probate is obtained. It would be illegal for her to access your account after your death.0 -
Upon death, any account solely in the name of the deceased is frozen until probate is obtained. It would be illegal for her to access your account after your death.
Please read my post. I said that we had a joint a/c
In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Your response seems a little curt and un necessary
I thought you said:
'Me and the OH use a joint current a/c with money paid into a savings a/c in my OH's name. '
By which I thought you meant the savings a/c was in your OH's name
but there you go.0 -
It's hard work trying to help some people ... but I'm sure Jonbvn is very grateful and just forgot to press the thanks button.0
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Debbie, I was referring to jonbvn's post #5 and CLAPTON's reply. The OP had their question answered to her satisfaction.0
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