Does transferring money to your wife's separate bank account incur tax? Is there a threshold? I transfer money from my separate bank account after recieving my salary
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7,582 views
3 replies
Hi @Garrry,
When transferring money to your wife's separate account if under a private arrangement then won't have any tax implications and no threshold.
However, transferring money from one bank account to another may be taxable if it's large amounts or received as part of a business-like activity or in relation to income-earning activities. You will both need to keep detailed records or documentation of the money being transferred and the reason why.
Any interest earned on money in your bank account will be considered as income and will need to be declared in your tax return and tax payable.
All replies
Hi @Garrry,
When transferring money to your wife's separate account if under a private arrangement then won't have any tax implications and no threshold.
However, transferring money from one bank account to another may be taxable if it's large amounts or received as part of a business-like activity or in relation to income-earning activities. You will both need to keep detailed records or documentation of the money being transferred and the reason why.
Any interest earned on money in your bank account will be considered as income and will need to be declared in your tax return and tax payable.
When you mention ' transferring money from one bank account to another may be taxable if it's large amounts'. What are the amounts that would be taxable? My understanding (based on this post) was that there shouldn't be any taxable amount, independently of the amounts.
Thank you!
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