gurberly
Member of DD Central
Posts: 168 
Likes: 98
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Post by gurberly on Oct 21, 2016 9:22:47 GMT
Apologies if this has been asked before, I had a quick search but nothing specific seemed to come up….
I am going to be breaching the new personal savings allowance for the year. To help mitigate the tax bill I want to open some p2p accounts in my partner’s name and use up her psa allowance. Where there is a linked account set up to fund the p2p account, or withdraw funds/interest to, does it matter in whose name that bank account is?
Will HMRC view it differently depending on whether it is funded from and interest paid into: - My personal account
- My partners personal account
- Our joint account
Or is it just a case of the interest is being earned under the name of the p2p account holder and where it goes to from there is immaterial.
Appreciate the easiest/safe answer is B, but for ease and speed of moving funds between platforms I would prefer to use a bank account that I have access to.
Regards
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Post by dualinvestor on Oct 21, 2016 10:04:53 GMT
Apologies if this has been asked before, I had a quick search but nothing specific seemed to come up….
I am going to be breaching the new personal savings allowance for the year. To help mitigate the tax bill I want to open some p2p accounts in my partner’s name and use up her psa allowance. Where there is a linked account set up to fund the p2p account, or withdraw funds/interest to, does it matter in whose name that bank account is?
Will HMRC view it differently depending on whether it is funded from and interest paid into: - My personal account
- My partners personal account
- Our joint account
Or is it just a case of the interest is being earned under the name of the p2p account holder and where it goes to from there is immaterial.
Appreciate the easiest/safe answer is B, but for ease and speed of moving funds between platforms I would prefer to use a bank account that I have access to.
Regards It only has tax implications if your partner is under 18 and dependant upon you, in which case it is deemed as your income. If they are over you should be aware you are making a gift to them and those funds become their property and you have absolutely no legal right to demand them back so it is more a personal decision than a tax one.
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gurberly
Member of DD Central
Posts: 168
Likes: 98
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Post by gurberly on Oct 21, 2016 10:59:55 GMT
It only has tax implications if your partner is under 18 and dependant upon you, in which case it is deemed as your income. If they are over you should be aware you are making a gift to them and those funds become their property and you have absolutely no legal right to demand them back so it is more a personal decision than a tax one. Thanks for that 
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