Joint (husband & wife) accounts - Taxation of interest?
Discussion
After a bit of a financial stock-take and not getting any younger, we are looking at putting all our accounts (current & savings) in joint names.
In the event of one of us crossing The Styx, it would make sorting the money out a lot less stressful.
Does anyone know how the interest is taxed please? Now rates are rising, I'm sure it could become an issue.
Interest split equally between account holders and we both apply the £1000 allowance?
Many thanks
In the event of one of us crossing The Styx, it would make sorting the money out a lot less stressful.
Does anyone know how the interest is taxed please? Now rates are rising, I'm sure it could become an issue.
Interest split equally between account holders and we both apply the £1000 allowance?
Many thanks
The interest is considered to be 50:50 to each of the account holders.
Re your initial reasoning, when my dad died a few years back I was amazed how simple it was to sort out the accounts. When he first started showing signs of dementia my parents changed all thier accounts to joint accounts, and when he died my mum and I just went in to both banks with the death certificate and they were quickly and painlessly changed in to just my mothers name.
Re your initial reasoning, when my dad died a few years back I was amazed how simple it was to sort out the accounts. When he first started showing signs of dementia my parents changed all thier accounts to joint accounts, and when he died my mum and I just went in to both banks with the death certificate and they were quickly and painlessly changed in to just my mothers name.
RizzoTheRat said:
The interest is considered to be 50:50 to each of the account holders.
Re your initial reasoning, when my dad died a few years back I was amazed how simple it was to sort out the accounts. When he first started showing signs of dementia my parents changed all thier accounts to joint accounts, and when he died my mum and I just went in to both banks with the death certificate and they were quickly and painlessly changed in to just my mothers name.
Quite.Re your initial reasoning, when my dad died a few years back I was amazed how simple it was to sort out the accounts. When he first started showing signs of dementia my parents changed all thier accounts to joint accounts, and when he died my mum and I just went in to both banks with the death certificate and they were quickly and painlessly changed in to just my mothers name.
My dear old mum died last April and thankfully, she had me on her joint accounts for 20 years.
An afternoon spent going to the banks, etc. with her Death Certificate and all sorted!
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