Joint account

Fishfly

My wife has a personal saving investment in her name but the interest will be paid in to our joint account will I have to pay tax on it

eskbanker

Fishfly said:

My wife has a personal saving investment in her name but the interest will be paid in to our joint account will I have to pay tax on it

It may depend on exactly what "a personal saving investment" actually is, but unlikely to have any tax liability for you simply by virtue of depositing interest into a joint account, although interest subsequently earned from that joint account will generally be allocated 50/50 between you.

Fishfly

It’s a fixed term saving account

DullGreyGuy

No, same way you dont pay income tax on her salary paid into your joint account

GraceCourt

Fishfly said:

My wife has a personal saving investment in her name but the interest will be paid in to our joint account will I have to pay tax on it

See here for a warning not to use a joint current account for the Wealthify £50 cashback investment offer.

Albermarle

Fishfly said:

It’s a fixed term saving account

She could give the interest to anyone she likes, but she would still be the one liable on any tax due on the interest ( if any)

wmb194

Think about the steps it takes. The interest will first be credited to the savings account - so where the income arises - and will then be transferred to the current account.