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Posted Wed, 02 Nov 2022 14:44:25 GMT by connectiondue
Hello - Me and my wife have a joint savings account, my wife put in 70 percent of savings into this account and I put in 30 percent savings, i understand the standard spilt for interest earned on savings account is 50/50 however can you confirm on below please 1. How can I change the spilt to 70 wife / 30 me so we take interest earning on this spilt ? 2. Do I need to do a declaration of trust between me and my wife and submit this to Hmrc to spilt interest savings in this ratio ? Please let me know Thank you
Posted Fri, 04 Nov 2022 14:30:51 GMT by HMRC Admin 10
Hi
The interest will be declared to HMRC by the bank.
If the bank hold the details of the correct split, they should send it in that way to HMRC.
Thankyou.
Regards.
Posted Fri, 04 Nov 2022 14:37:33 GMT by connectiondue
Hello dear - thank you for the quick response This is an international bank (outside uk) and doesn’t hold the spilt details How do I report the spilt to Hmrc then please ? Or just spilt the savings interest and submit in our respective self assessment and no need to report the spilt ? Thank you
Posted Wed, 09 Nov 2022 12:46:19 GMT by HMRC Admin 32
Hi,

For the income to be declared in an alternative split of 50/50, please refer to:

Declare beneficial interests in joint property and income

Thank you.
Posted Mon, 14 Nov 2022 19:56:49 GMT by connectiondue
Hello dear Hmrc admin 32 - the above link you provided is for the spilt of property income. My question relates to interest income from joint savings account, can you confirm how to report the spilt to Hmrc ? Or if there is no need to report the spilt for savings account interest ? Pls advise
Posted Wed, 16 Nov 2022 12:56:54 GMT by HMRC Admin 17

Hi,
 
Interest from a Joint savings is automatically split 50/50.

Thank you.
Posted Wed, 16 Nov 2022 13:19:28 GMT by connectiondue
Hello dear - yes that is correct and hence my initial query on how to notify Hmrc of a different spilt ? Please can you guide on the initial query raised below Me and my wife have a joint savings account, my wife put in 70 percent of savings into this account and I put in 30 percent savings, i understand the standard spilt for interest earned on savings account is 50/50 however can you confirm on below please 1. How can I change the spilt to 70 wife / 30 me so we take interest earning on this spilt ? 2. Do I need to do a declaration of trust between me and my wife and submit this to Hmrc to spilt interest savings in this ratio ? Thank you
Posted Fri, 18 Nov 2022 14:59:26 GMT by
Hi connectiondue,

You will need to submit a claim to have the interest in an alternative split:

.Declare beneficial interests in joint property and income

A declaration of trust should also be submitted with this form.

Thank you. 

 

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