£1000 tax free allowance on savings interest

We have joint account and are therefore entitled to 2 x £1000 allowance each year on interest from savings.
What is deemed the "joint account" ?
The account you funded the investment from,or would investment have to have been funded/opened as a joint venture ? 

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 20,373 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    It’s the accounts the income is generated from, so if you are transferring the funds from a joint account to a sole one then you don’t get two allowances. 
  • Kim_13
    Kim_13 Posts: 3,288 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    It isn’t having a joint account that means that 2 x £1,000 is available. Each person has their own £1,000 Personal Savings Allowance if they are a basic rate taxpayer. The name(s) on the account that accrues the interest is what matters. If it is joint, half of the interest total is apportioned to each person.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.3K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.2K Work, Benefits & Business
  • 597.7K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.