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TonyTax
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My mother has suffered a stroke and I have become a joint signatory

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My mother has suffered a stroke and I have become a joint signatory to her bank accounts so that I can manage her finances and pay bills. No power of attorney has been set up. How is interest received on these accounts treated in my tax return?
Due to the severity of the stroke, my mother was transferred to a nursing home and I along with my siblings travel to the nursing home for a full week a month to support her as she does not speak English. She is reliant on this support and is upset if we arrive late. The nursing home is over 200 miles away and costs are incurred on travel, food etc (we stay at her house). Do we qualify relief/allowances for the costs incurred and if so what records are required?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.
To the extent that the money in the accounts to which you now a signatory is your mother's, there is no impact on your personal tax return as all the interest will belong to your mother. Take a look here for confirmation of the tax treatment of interest on bank accounts held jointly other than by spouses or civil partners:
http://www.hmrc.gov.uk/manuals/saimmanual/saim2420.htm
I'm afraid that there is no tax relief for the costs of travel and subsistence etc in these circumstances. I'm not an expert in social benefits so I cannot comment on whether you would qualify for any help in that regard.
I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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