A client has joint savings accounts with his wife. He is a higher rate tax payer; she is a basic rate tax payer. He wants to allocate all the savings income to his wife. However I have advised that if the accounts are straight forward accounts set up in joint names there is no option to allocate the savings income other than 50/50.
He believes this is unfair.
Unless I am missing something my understanding is that he would need to set the savings up in his wife's sole name to achieve this income split. Is that correct?
There is nothing he can do retrospectively re 18/19