Tax on interest for joint accounts

Tall_Tale1

My husband and I have a joint savings account. He is higher rate tax payer, I am normal. We also have 2x children with savings accounts in our names. I am confused as to the threshold of interest earned and if we are earning over the taxable amount.
i.e does our tax limit on joint account calculate as £1000 for me plus £500 for him? So £1500 on our savings. 
Do our children's accounts earning interest count towards this limit? 
(We do have individual isas too but limited access to these)

Dazed_and_C0nfused

Tall_Tale1 said:

My husband and I have a joint savings account. He is higher rate tax payer, I am normal. We also have 2x children with savings accounts in our names. I am confused as to the threshold of interest earned and if we are earning over the taxable amount.
i.e does our tax limit on joint account calculate as £1000 for me plus £500 for him? So £1500 on our savings. 
Do our children's accounts earning interest count towards this limit? 
(We do have individual isas too but limited access to these)

Unless it's in an ISA it will all be taxable and, based on what you have posted, will also all be taxed.

But some will be taxed at a 0% rate.

The children's accounts don't actually seem to exist, they are just your accounts.

Each of you will be assumed to have received 50% of a joint account.

Albermarle

There are specific children’s savings accounts and JISAs.
If the accounts are in your name they are yours, regardless of what you intend to do with the money in future.

xylophone

When you say that the children's accounts are in your names, do you mean as bare trustees for your children or that they are simply in your names but you regard them as money for your children which you may gift at some point?

If you are bare trustees, what is the source of the funds and how much is the interest?

https://www.gov.uk/savings-for-children

https://www.theprivateoffice.com/specialist-services/bare-trusts