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Untaxed interest on savings and investments
Comments
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No. If the investments are yours then so is the income and the tax liability thereon.dmac22 said:I have a monthly income from app based investments that supplement my salary but have resulted in a tax recalculation / monies owing in 24/25. Can I redirect the monthly interest payments into my wife's bank account to avoid paying the higher rate 42% on these earnings ? My wife works part time so even with this payment her gross earnings would only attract 21% tax ..can this be done ?0 -
Only by transferring the investments into her name....dmac22 said:I have a monthly income from app based investments that supplement my salary but have resulted in a tax recalculation / monies owing in 24/25. Can I redirect the monthly interest payments into my wife's bank account to avoid paying the higher rate 42% on these earnings ? My wife works part time so even with this payment her gross earnings would only attract 21% tax ..can this be done ?0 -
No. You have earned the interest on accounts/monies owned by you. It will be reported as such to HMRC.dmac22 said:I have a monthly income from app based investments that supplement my salary but have resulted in a tax recalculation / monies owing in 24/25. Can I redirect the monthly interest payments into my wife's bank account to avoid paying the higher rate 42% on these earnings ? My wife works part time so even with this payment her gross earnings would only attract 21% tax ..can this be done ?
You could gift money to your wife who could have savings accounts in her own name that then earn interest.0
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