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Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5113
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

I am just preparing our tax returns for my husband and myself.

Customer Question

I am just preparing our tax returns for my husband and myself. In the last year we have put our savings under my name as it is more tax advantageous. Is there a limit to this or should I allocate some of the interest to him ?
Submitted: 3 years ago.
Category: Tax
Expert: replied 3 years ago.

Hello and welcome to the site. Thank you for your question.

There is no limit on savings and savings interest you have/can have.

If the account is in your sole name then the interest belongs to you for tax purposes and you should report all interest earned on your tax return. You can't allocate some of it to your husband to minimise your exposure to tax as such.

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

This is money earned by my husband, which then gets saved in my name. Does this matter ?

Expert: replied 3 years ago.
Catherine, thank you for your prompt reply.

He may have earned the money. Transfer of assets/money between spouses are tax neutral i.e. do not give rise to tax.

So for tax return purposes, it makes no difference that the money was originally earned by your husband.

I hope this is helpful.
Expert: replied 3 years ago.

Hello Catherine

I notice you have viewed my last response to your question taxation of interest receiveddon whether you have to pay tax on sale of a property that was previously rented out (JACUSTOMER-14968sqd- Last Viewed on 16/10/2014 at 11:42).

Just checking to see if you have any issues relating to your question that I may not have addressed. Please let me know if I can be of further assistance.

If you are happy and there are no more issues I will appreciate if you would kindly rate the service I provided to ensure I get credited for it.