Readers’ forum: Is it too late to put deposit in joint names?

One of my clients sold a business last year and immediately put a large amount of the proceeds on a time deposit in his sole name for a year.

When it matures he will be taxable on a large amount of interest income. Had he asked me first I would have suggested that the deposit should be in joint names with his wife who is a basic rate taxpayer.

Is it still possible to take advantage now as the interest will only be taxable on receipt?

If it is what is the minimum action required – would it be enough for him to make a declaration that he has given half the money to his wife or would it be necessary to tell the bank and put the wife’s name on the account?

Taxation readers’ thoughts would be much appreciated.