We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
HELP - saving as a non-tax paying student
springfield52
Posts: 1 Newbie
i have been looking to open a savings account because as a student not earning over the limit for tax (£5000 or whatever it is) i would be able to claim back the tax on my savings. is there anything stopping me moving some of my family's savings over into my account so that they would not pay tax on them? of course it would only apply for my remaining years as a student but i would appreciate some advice, because the premise seems a little too good to be true.
0
Comments
-
So long as you've filled in a R85 (http://www.hmrc.gov.uk/forms/r85.pdf) you wont pay tax on your interest. No-one's to know it's not your money! It's a common trick between partners, when one is on a higher tax band than the other, to have all the savings in the lower taxed persons name.
Go for it
Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
0 -
It's a fully legal 'trick' between partners. But it's fraud to shelter someone else's money in this way.
If your family wish to gift you the money ... it's legitimate. But not otherwise.If you want to test the depth of the water .........don't use both feet !0 -
But then you can gift it back, right? If it's yours in the meantime...Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
0 -
If you read the threads ... you'll find a number of cases where implied gifts .... have not been returned.
As I said initially ... it's fraud.If you want to test the depth of the water .........don't use both feet !0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards