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My clients are two sisters who were born abroad to non-UK nationals and acquired British citizenship following, not because of, their marriage to UK citizens. Their domicile status has never been agreed with HMRC, although it is not currently an issue.
A few years ago, their parents — who remain resident abroad — placed a reasonably large amount of cash on deposit in a UK bank account in the joint names of themselves and the daughters.
My clients are two sisters who were born abroad to non-UK nationals and acquired British citizenship following not because of their marriage to UK citizens. Their domicile status has never been agreed with HMRC although it is not currently an issue.
A few years ago their parents — who remain resident abroad — placed a reasonably large amount of cash on deposit in a UK bank account in the joint names of themselves and the daughters.
I have always assumed that the daughters should pay UK income tax on one-quarter of the interest but is this right? The capital can only be withdrawn with the signatures of at least two of them and the daughters see the capital as their parents'; although — with their permission — one or two lump sums have been taken out e.g. for home improvements.
Is there an argument that...
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