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HMRC internal manual

Trusts, Settlements and Estates Manual

Ownership and income tax: Specific types of property: bank and building society accounts: example 11: joint names of married couple - 50/50 rule applies

A and B, a married couple living together, open a bank account in their joint names. A claims that the interest should be taxed on B only, as B alone provided the funds for the bank account.

A resulting trust (TSEM9600) would otherwise apply, but ITA/S836 specifically operates to tax the interest 50/50 on A and B (TSEM9814). Unless A and B submit a valid form 17 (TSEM9842) in respect of the bank account, that is the position.