UK Tax Return Handling For Joint Accounts

[joseaccountant]

Good afternoon,

Are there any rules for tax return to declare interest accrued in bank accounts when multiple people share a joint account? Specifically, two people hold the account but one of them pays tax on 100% of the interest.

Regards,
Jose'

 

[Drmdcpa]

Depends on how the account is titled. Generally with joint accounts 1099 is issued to one social security #. This person reports all interest but also reports as nominee portions belonging to others. Others then report and pay tax on their share.