Placing savings into wifes name to save TAX
Discussion
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?
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?
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.
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 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. 
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 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".So that's £100k done shared equally.
Next put it into fine wine and agricultrual land again cgt free. Job done
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