{"id":188,"date":"2019-05-29T12:59:33","date_gmt":"2019-05-29T11:59:33","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=188"},"modified":"2025-10-07T10:06:01","modified_gmt":"2025-10-07T09:06:01","slug":"tax-on-interest-from-joint-accounts","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/the-tax-basics\/tax-on-interest-from-joint-accounts\/","title":{"rendered":"What tax do we pay on interest from a joint account?"},"content":{"rendered":"\n<p>If you have a joint account with your spouse, HMRC has a simple rule to calculate the tax due:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Split the interest down the middle<\/li>\n\n\n\n<li>Apply each spouse&#8217;s\u00a0<a href=\"\/en-uk\/glossary\/personal-savings-allowance\/\">interest savings allowance<\/a>\u00a0to their piece<\/li>\n\n\n\n<li>Pay tax separately.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Example<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spouse 1: basic rate taxpayer &#8211; gets \u00a31,000 of personal savings allowance<\/li>\n\n\n\n<li>Spouse 2: <a href=\"\/en-uk\/glossary\/higher-rate-tax\/\">higher rate taxpayer<\/a> &#8211; gets \u00a3500 tax-free<\/li>\n\n\n\n<li>Interest: \u00a32,000 &#8211; half &#8220;belongs&#8221; to spouse 1, half to spouse 2.<\/li>\n<\/ul>\n\n\n\n<p>Then:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spouse 1 pays no tax (uses the entire savings allowance)<\/li>\n\n\n\n<li>Spouse 2 needs to pay tax on \u00a3500 at the higher rate (40%).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What if we don&#8217;t want to split the interest 50-50?<\/h2>\n\n\n\n<p>You need to prove that you use a different split (for example, one partner put more money in, etc.)<\/p>\n\n\n\n<p>Call HMRC at:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If you live in the UK:\u00a00300 200 3300<\/li>\n\n\n\n<li>If you live abroad: +44 135 535 9022<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>If you have a joint account with your spouse, HMRC has a simple rule to calculate the tax due: Example Then: What if we don&#8217;t want to split the interest 50-50? You need to prove that you use a different split (for example, one partner put more money in, etc.) Call HMRC at:<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[433,427],"tags":[420,415],"class_list":["post-188","post","type-post","status-publish","format-standard","hentry","category-pensions-and-interest","category-the-tax-basics","tag-pensions-savings-winnings","tag-tax-return-basics"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What tax do we pay on interest from a joint account? &#8211; Taxfix<\/title>\n<meta name=\"description\" content=\"HMRC assumes interest from joint accounts to always be split down the middle. 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