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Posted Mon, 05 Dec 2022 21:50:55 GMT by connectiondue
Hi dear hmrc admin, I have NRE savings account in India and have made a fixed deposit for 5 years (starting 15Jan2018 to 15Jan2023), when this fixed deposit was made, I was the sole owner of the NRE Savings account however in June 2022 my wife was added as the joint account holder, hence this NRE Savings account is an joint account for me and my wife. the question I have and need guidance on is : 1. For the fixed deposit that I made for 5 years i.e. starting 15Jan2018 to 15Jan2023, which will mature in Jan 2023 & when interest is paid on 15 January 2023, will this interest be jointly split in equal share (50/50 split) between me and my wife and we both report this under our own Self Assessment ? please confirm & guide us thank you
Posted Thu, 08 Dec 2022 13:16:10 GMT by HMRC Admin 19
Hi,

The taxable part of this is the interest. As it will be paid in 2022 to 23, it will be taxable in 2022 to 23, at which time the account is a joint account. For this reason, the interest would be split 50/50.

Thank you.
Posted Fri, 09 Dec 2022 16:15:43 GMT by connectiondue
Thank you dear

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