Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Tue, 09 Aug 2022 09:12:26 GMT by Thomaskutty
I am uk resident having joint bank account abroad with spouse who is nonresident. My spouse owns all the money and he closed the account and transferred the money to UK and used it to buy property solely in his name. He is the beneficial owner as he has used all the money. Who pays tax on interest here. Me or my spouse?
Posted Wed, 10 Aug 2022 07:38:38 GMT by HMRC Admin 17

If the money in the joint overseas bank account was transferred to your UK bank account before being used to buy the property
you would be potentially liable to pay tax on any interest arising.         

See link:

Tax on savings interest    .

Thank you.
Posted Wed, 10 Aug 2022 13:18:36 GMT by Thomaskutty
The money was transferred on 4 occasions after paying the deposit to the builder within a period of 4 months and the property was bought by paying in full soon after the last transaction using the whole money transferred. Please note that the property is solely in the name of one person the husband who is a nonresident and has the major share of the joint account with his wife who is a UK resident. Who has to pay tax here.? The nonresident husband who is the beneficial owner, or the resident wife who never received or used the money, or both. Thanks
Posted Wed, 10 Aug 2022 13:40:11 GMT by Thomaskutty
I mean tax on interest gained abroad.
Posted Thu, 11 Aug 2022 15:10:11 GMT by HMRC Admin 2

If you have a joint account, interest will be split equally between the account holders.

You would contact the savings helpline if you think it should be split differently.

Thank you.

You must be signed in to post in this forum.