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Married Couple & Savings Tax
Stum
Posts: 3 Newbie
As a married couple (one working one stay at home) can we put our savings in the name of the person that does not work to prevent our savings interest being taxed and if so how do we ensure no tax is paid?
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Comments
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If you want to give money to your wife that is fine.
The risk is it becomes her money. Which she can spend (or save) as she she's fit 😳.
If she has absolutely no other taxable income then she can earn £17,310 in interest before any tax will actually be payable.
The above assumes she has applied for Marriage Allowance. If not it will be £18,570.2 -
The interest will be paid without any tax being taken. So if it is paid to your wife and the amount of interest is less than £10K, then you need to take no action.
If it is above £10K , she will need to fill in a tax return, although she will only pay any tax if the interest is above the figures stated in the previous post.1 -
It's exactly what we've done.1
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Have you met OP's wife?Dazed_and_C0nfused said:If you want to give money to your wife that is fine.
The risk is it becomes her money. Which she can spend (or save) as she she's fit 😳.
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The secrets out!!eskbanker said:
Have you met OP's wife?Dazed_and_C0nfused said:If you want to give money to your wife that is fine.
The risk is it becomes her money. Which she can spend (or save) as she she's fit 😳.1 -
The secrets out!!
Crumbs....planning the great escape?
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