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bigduckontax, Accountant
Category: Tax
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Can any of my pension I receive from a prudential savings bond

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Can any of my pension I receive from a prudential savings bond which is in joint names with my wife be split for tax purposes as she pays no tax as she does not work and all of the income is taxed in my name?
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. If the savings bond is already in joint names the pension is automatically split 50/50 so each of you should be liable for Income Tax (IT) on half the annual pay out. You will, I fear, have some problems getting this through to HMRC on this matter as presumably the Pru are paying it all to you and taxing accordingly, but persevere. Mark you, you will have to do the same with the Pru. I forced them kicking and screaming into taxing my pension at the basic rate; pension companies don't like applying tax; it's an administrative chore they would rather do without! I do hope that I have shown you a way forward in this matter.
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