Savings in wife's account who is unemployed?
Via my work I've been able to build a good amount of savings, but the interest earned on my savings is at the upper income tax rate.
My wife doesn't work due to health reasons. If I transferred her the amount (personal account > joint account > her personal account all within the same banking app), in theory she would pay much less income tax and also have a larger tax free allowance on the initial interest each year right?
Appreciate there is probably nuance and maybe things I'm missing, but does this seem like an approach worth looking into? Any major flaws or issues? (I will be getting some professional advice also!)