Lump sum from main property sale and husband/wife gift

countjohn

We recently sold our main family home. We have no other properties, and are now renting.
The property was originally purchased by my wife, but we lived together there for several years.
We plan to buy a savings bond or similar to earn some income while we rent and plan our next move.
The question is how income from this bond will be taxed (it will approach 10,000 p.a.). My wife pays income tax at 40%, I pay at 20%. I understand that gifts between spouses do not attract tax. Is it acceptable therefore for her to transfer that lump sum to me, I invest in the savings product and I pay tax on the savings income at 20%?
Grateful for any advice.

00ec25

when asking about tax it is vital you are precise in your details

"we" did not sell anything.
Your wife sold the house owned by her alone. All monies received belong to her for tax purposes

you and she are married to each other. Therefore, she can perfectly legally gift to you any amount of money she wants to without any tax implications whatsoever on either her or you

if you then purchase an income bond, if that bond is in your sole name, (NOT joint names) then yes, you and you alone will be liable for any tax due on the interest received on that account. There is no "our" bond in that case
You may wish to consider what would happen to the bond if you die - how would she access it easily if needs be? Check the T&Cs of the bond for a death clause.

countjohn

Thank you - that is a helpful response