Revenue Attacks Internet Bank Accounts

If you have opened or intend to open a joint bank account over the internet please check to see if the account is really a joint bank account.

Most internet bank providers are unable to open a joint bank account directly over the internet due to security and money laundering issues. Most new accounts opened this way are sole accounts in the name of the first named joint holder. In the welcome pack provided by the bank after the account is opened there is usually a form to convert the account from a sole account into a joint account between all named holders. This form is often overlooked.

For basic rate taxpayers affected by the above there should be no additional tax liabilities, but for higher rate taxpayers they could have additional tax to pay. HM Revenue & Customs are aware of the above and they are currently raising enquiries into the disclosure of interest declared on personal tax returns from internet bank accounts.

If you consider you may be affected by this then please do not hesitate to contact Nicola Bellerby or Peter Hogan.

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