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£1000 tax free allowance on savings interest
jamesyboy7471
Posts: 8
Forumite
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 ?
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 ?
0
Comments
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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.1
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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.
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