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Savings interest for non taxpayer
rizzo_2
Posts: 25 Forumite
I have a joint deposit account with my husband.
He’s retired but his tax allowance is taken up by his state pension plus a small other.
I have a small pension but don’t work.
We’ve been advised that my portion of interest on our savings shouldn’t be taxable.
How do I check/put this in place? Speak in branch at the building society?
I have a small pension but don’t work.
We’ve been advised that my portion of interest on our savings shouldn’t be taxable.
How do I check/put this in place? Speak in branch at the building society?
0
Comments
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Highly likely that the interest is untaxed at source
usually interest on joint accounts is split so you tell HMRC of half the amount and they arrange taxation (or not) for that half - we have the same with us being in different tax bands1 -
No action needed - the building society will report the interest to HMRC and they'll work on the basis that the interest on the joint account is split 50/50, and will advise you if any tax is due. For either of you, does total pension plus savings income exceed £18,570?1
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