Joint Savings Accounts

[Bazile]

I understand that you do not have to pay income tax on savings interest up to £1000

 1. If you have a joint account , does that £1000 apply to each person on the joint account ?

2. Is the total interest payable on the account , treated as being split equally between the joint account holders for tax purposes  ?

 

[Buenchico]

1. The allowance is 'per person', rather than 'per account', with the amounts depending upon the Income Tax band that each person falls into.

2. Yes, it's split equally (unless you advise HMRC of a reason as to why it should be divided differently).

https://www.gov.uk/apply-tax-free-interest-on-savings