Debra Coulson
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RE: Interest on savings in joint accounts
I have a joint account with my dad. All the money in the account is his, I am on as a joint account holder to assist him and make things easier when he dies. The interest earned is within his £1000 tax limit. However if this is split 50 / 50 my half will take me above my £1000 limit as I have savings of my own as well. I work full time and am paye. He has pensions and is also a tax payer. Can the interest earned on the joint savings account be all put against his £1000 limit?