Placing savings into wifes name to save TAX
Placing savings into wifes name to save TAX
Author
Discussion

Tino

Original Poster:

1,948 posts

299 months

Monday 28th February 2011
quotequote all
Just sold our flat, and have a reasonable sum to place into savings until the time is right for us to buy.
My wife is a stay at home mum(or whatever the most up to date political name is for it), so in not does not have any income, therefore a full tax allowance.
Am I able to place all of the savings in her name without braking any laws?

Beardy10

24,537 posts

191 months

Monday 28th February 2011
quotequote all
anonymous said:
[redacted]
Wise words......

4mo

1,222 posts

191 months

Monday 28th February 2011
quotequote all
My neighbour was very pleased with himself for minimising the tax on his savings, right up to the point the missus cleared off with the lot. He'll happily play the tax in future.

Eric Mc

124,034 posts

281 months

Monday 28th February 2011
quotequote all
anonymous said:
[redacted]
"Love is" - never having to pay Higher Rate Income Tax.

or

"Love is" - making the most of the missus' Tax Free Allowances and Basic Rate tax band.

Steffan

10,362 posts

244 months

Saturday 12th March 2011
quotequote all
There is a fundamental problem with tax avoidance which involves the transfer of ownership of funds. They may not come back.

I devise tax planning schemes. CA for over forty years.

If you trust your wife this will work.

There are fundamental advantages to individual assessment in fact from a tax point of view staying single is by far the best policy.

If you do not trust your wife the relationship is at an end anyway.

cailean

917 posts

189 months

Sunday 13th March 2011
quotequote all
When you get married, "two become one" used to apply to finances....We run one joint credit card, one joint current account, one joint mortgage, one joint savings account, one SIPP and two ISAs and a CTF for the two little ones. Works great and keeps things simple.

Eric Mc

124,034 posts

281 months

Sunday 13th March 2011
quotequote all
That concept used to apply to tax as well. However, following the advent of Independent Taxation in 1988/89 the notion of the wife and her goods being part of the husband's "chazttels" was finally put to rest.

Deva Link

26,934 posts

261 months

Sunday 13th March 2011
quotequote all
cailean said:
When you get married, "two become one" used to apply to finances....We run one joint credit card, one joint current account, one joint mortgage, one joint savings account, one SIPP and two ISAs and a CTF for the two little ones. Works great and keeps things simple.
...and that's what we do, but all our cash savings are in wifey's name - she doesn't know how to log into the accounts though. wink If she wants to figure it out and do a runner then it would be a small price to pay!

cailean

917 posts

189 months

Sunday 13th March 2011
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Our savings accounts is part of our mortgage off-setting otherwise I would also be putting it in Wife's name so I don't pay tax on it. Having joint accounts is so much less stress... A huge amount of marriage problems are caused by money issues....If the wife does a runner she is running with half the mortgage too...

Welshbeef

49,633 posts

214 months

Monday 14th March 2011
quotequote all
Well you both have £30k premium bond and then £10k ISA for 2010/11 and in a fee weeks time you can dump a further £20k in

So that's £100k done shared equally.

Next put it into fine wine and agricultrual land again cgt free. Job done

Jacobyte

4,762 posts

258 months

Tuesday 15th March 2011
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Welshbeef said:
Well you both have £30k premium bond and then £10k ISA for 2010/11 and in a fee weeks time you can dump a further £20k in

So that's £100k done shared equally.

Next put it into fine wine and agricultrual land again cgt free. Job done
And a couple of classic cars, as long as it doesn't become a "collection".

R12HCO

826 posts

175 months

Monday 21st March 2011
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Put it in the floor boards.

auditt

715 posts

200 months

Tuesday 22nd March 2011
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Buy some ART (hang your money on your walls)