22 August 2007
My husband and wife clients, Mr and Mrs X, sold their jointly-owned main private residence in June 2005. However, Mr X inadvertently deposited the £500,000 sale proceeds into a bank account held in his sole name. He is a higher-rate taxpayer and his wife pays tax at the basic rate. Can the credit interest arising on the bank account be split equally between the husband and his wife for tax purposes by claiming that these funds were held in trust by him for their mutual benefit?
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