Tax on savings interest

mossley1

Hopefully someone has expertise on this question.....   Interest achieved on a savings ac in my name is paid into a joint bank ac with my wife. Can we split the interest and report it separtely to HMRC or is the tax payable on the name of the ac it was earned from? Not sure how banks/building socities report to HMRC and how this works with joint bank ac holders, Thanks in anticipation of some help on this.

masonic

If the account earning the interest is in your name, then you need to declare it as your income. If you earn interest on money held in a joint account, it would be split equally between those named on the account.

Hoenir

mossley1 said:

Interest achieved on a savings ac in my name 

Your account, your interest.  

If your wife has available tax allowances move some of the money into her name.