Savings interest tax changes

Does anyone know how these changes will affect joint savings accounts where two people will be sharing the interest ...I have checked everywhere online and been unable to find anything about it anywhere

Re: Savings interest tax changes

So it looks like no one knows...where's Realist when you need him ?

Re: Savings interest tax changes

Perhaps he is on the picket line outside his local hospital.

Re: Savings interest tax changes

Or perhaps he needs more than 4 minutes to answer.

Re: Savings interest tax changes

As tax pertains to the individual rather than the income source, I would assume half the interest would be allotted to each party and taxed independently as per the present system. That is the case on our current joint savings account, and has been for as long as we have had one.

Re: Savings interest tax changes

Thanks Barry, I would also assume something like that, but am surprised that I cannot find any information anywhere about what is being considered

Re: Savings interest tax changes

If you are both taxpayers and the interest is taxed at source then I reckon nothing much should change. Best check with your bank perhaps.