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bigduckontax
bigduckontax, Accountant
Category: Tax
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Got a saving joint account with my husband. What figure should

Customer Question

Got a saving joint account with my husband. What figure should I write in box 1 page TR 3 - Taxed UK interest etc...
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Half the interest credited to the account in the tax year. You are deemed to share a joint account 50/50 with your husband. Any transfers between spouses are outside the scope of UK Income and Inheritance Tax.

Hope I have been able to help you with your question.
Customer: replied 3 years ago.

thanks for answer, but I still don't know what figure should I put in box....Full amount tax interest or half of it..

Expert:  bigduckontax replied 3 years ago.

The net amount credited after tax divided by two. If for example the account shows GBP 100 credited after tax the you would put '50' in Box 1. Remember this figure is rounded down so if say the actual amount credited was GBP 100-99 you would drop the 99 pence leaving 100, divide by 2 and enter 50.

 

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Expert:  bigduckontax replied 3 years ago.
Thank you for your support.
Customer: replied 3 years ago.

thanks for info you gave me.

Expert:  bigduckontax replied 3 years ago.
Delighted to be of assistance.