Joint Saving Account - tax treatment

[Meridianman]

My wife and I both complete separate tax returns. We have a saving account in both our names which has earned about £2k of interest this year of which 20% tax was deducted at source. We are both higher rates tax payers so I believe there is going to be more tax to pay. how do I account for this on our return. Does just one of us take the hit for the full amount (which I assume is the case) or are we supposed to halve it?

At the end of the day the money comes out of the same pot, but I want to ensure
i) we do it correctly and
ii) that if there is a benefit of one or the other taking the hit, who it should be (fyi I earn over double what she does if that makes any difference).

Thanks in advance for comments/suggestions.

Cheers

[buildersmate]

If it is a joint account, you have to divide the interest received in two - each receiving one half.
This is why if one partner only is a higher-rate taxpayer it is better to avoid joint savings accounts - though for your situation it will make no difference.

[Meridianman]

Thank you Sir. Appreciate such a speedy response.

[Whoever]

As an aside, if you are both higher rate tax payers, I sincerely hope that every year both of you are maximsing your Cash ISA allowances on as much of your savings as possible so that you're not paying interest on those savings accounts. Don't forget that if you're under 50 you can both take out a £3600 Cash ISA before April 5th, and from the next tax year starting from Apriul 6th, your annual allowance increases to £5100 each. With taxes bound to rise after the General Election, no matter who gets into power, it makes sense to use these allowances each year as it's a case of 'Use it or Lose it'