Interest Savings for a couple

Hello, My partner and I have a joint savings account that we've had for a few years now (not an ISA, regular joint saver). The joint account is in both of our names with each person taking equal (50/50) responsibility for it. They're looking to set up a new savings account with a higher rate of interest and moving some of the savings from the joint account into this. Would they be allowed to transfer more than 50% of the savings from the joint account into this new account (with my permission obviously) without incurring any tax other than that earned on interest from either account? Or would this transfer from a joint savings account to an individually owned account constitute a gift and, therefore, separately incur tax related to the transfer of funds?

Hi,

You would need to contact the bank or building society to check if more than 50% could be transferred from the joint account. The interest in the new account would be taxed based on the current rates. 

Thank you.

Thank you for your response. The bank has confirmed that it would be possible to make this transfer. What we don't understand is whether we're legally allowed to make this transfer, and if we are, which of us would be paying the tax on any interest earned after the transfer is made. Could you help advise on this?

Hi,

You would need to discuss this with the bank as they would asdvise on the legallity of the transfer. The account with interst in it would be taxed. 

Thank you.