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Posted 13 days ago by curiouscatpillartaxman291
I'm planning on opening a joint savings account with a family member (not a spouse). I will contribute 100% of the funds to the account but we can both access and withdraw funds from the account. What will be the split of the interest for income tax? Will it be 100% my income or as both can withdraw 50/50? I've read the guidance and it doesn't seem to clear it up.
Posted 5 days ago by HMRC Admin 25 Response
Hi bajanelite123,
As its a joint account it will be 50/50. you can apply for an alternative split by submitting a declaration of trust to show that you are the beneficial owner of 100% of the income.
Thank you. 

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