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Sam, Accountant
Category: Tax
Satisfied Customers: 8025
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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My wife and I make withdrawals from a Canada life single

Customer Question

My wife and I make withdrawals from a Canada life single premium bond.My wifes income pension is less than mine.Can we elect to split withdrawals [not 50 50[ so that we can take advantage of my wifes unused tax allowawances.We know this is possible with rental income
JA: Which tax year is this for?
Customer: 2018 to 19 and from now on
JA: Anything else you want the Accountant to know before I connect you?
Customer: Yes.We took out a new policy with Canada Life by withdrawing Funds from another policy which was set and rolled over whilst abroad and was done when the policies were in a trustThey are no longer in that trust and we are back in UK.Is this withdrawal to be treated as an excess withrawal for tax
Submitted: 2 months ago.
Category: Tax
Expert: replied 2 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Expert: replied 2 months ago.

Thank you for your question.

Please accept my apologies for delay in writing.

Normally HMRC would view withdrawals on joint bonds as 50:50. If you can demonstrate that beneficial interest in the initial investment is in unequal share then you can report the withdrawal in that proportion.

You don't have to file a Form 17, which covers declaration of beneficial interests in joint property and income.

Have you considered transfer of marriage allowance. More information on this can be found here

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.

Expert: replied 2 months ago.

Hi there

Just checking to see if you need more clarification/information or have I answered your question.

Many thanks.