Joint account with elderly relative

Aidanmc

Last year, my aunt wished to put me on a joint account with her. My aunt has no immediate family of her own after her husband passed last year.

The joint account is in Republic of Ireland as that's where my aunt lives. I don't use the account, none of my own money in it, or access any statements etc.

I live in UK and pay tax etc in UK. As i'm self employed, i complete a tax return each year. What do i need to account for regarding this joint acc in Ireland? Just interest?

Think it was June 2021 when the joint acc was opened.

Thanks

Jeremy535897

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

If your name is on the account merely for administrative convenience, you both regard the money as your aunt's, it is only spent on your aunt, and she contributed all the funds, she is taxable on all of the income.

Grumpy_chap

I am not sure whether the Aunt being in RoI affects things, but the OP should understand how money in the joint account would be considered in the event of the OP ever needing to claim benefits and / or either the OP or the Aunt departing this mortal place.

NorthYorkie

As Jeremy says, the account is entirely that of the Aunt - she is the sole beneficial owner the OP is merely a bare trustee. There seems to be no intention that the OP will benefit in anyway from the capital in the account or the interest it generates. 

Grumpy_chap

The rules for assessing interest tax liability may differ from the rules assessing entitlement to benefits or for inheritance.