higher rate taxpayer - Joint Savings Account

Mikeyorks

Mikeyorks wrote: »

Breathe again!;)

Sorry I misread your post. Yes - a further £825 or so (I took £39k as indicative rather than precise) will push you into HR.

That's why I said 'you're borderline' .... in my first reply.

simpleguy_blr

Thanks a lot Mikeyorks !!!

Aegis

Mikeyorks wrote: »

And what's with the HA! ?? It was intended to be wholly complimentary ... but I'm sure I didn't put the 'normally' in !!

It means I have people fooled

simpleguy_blr

This was the reply that I got from the bank when I asked them as to how my account will be charged

>>
[FONT=arial,sans-serif][FONT=arial,sans-serif][FONT=arial,sans-serif]The interest paid on your joint Internet Saver account will be paid with the basic rate of tax, which is twenty percent, deducted from the amount paid. If you are a higher tax payer then you will need to arrange the extra tax payment with the HM Revenue and Customs.
<<

So I will have to keep track of the amount I deposit into this account and the amount my partner deposits and the calculate the higher tax and pass it on the HMRC...

I feel it would have been simpler to open individual accounts :rolleyes:

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BoGoF

If your intention is to declare to HMRC what you percieve your share of the interest to be then I'm afraid you can't do this. HMRC take the view that interest from joint accounts is 50:50 regardless of who's capital generates the interest.