Hello,
Many years ago me and my brother opened a joint account and put lump sums of money into it over the years. At this stage we lost track of who put what. About 3 years ago we removed my brother's name from the account without thinking about the tax implications. Is there a tax implication with removing an account name from a joint bank account ? I think the joint account is joint ownership. Its not like a 50/50 ownership. Eg. when it was on both names I could make full use of the amount of money anyway. I'm I wrong ?
Thanks to whoever can give me a clarification
Seamus
Many years ago me and my brother opened a joint account and put lump sums of money into it over the years. At this stage we lost track of who put what. About 3 years ago we removed my brother's name from the account without thinking about the tax implications. Is there a tax implication with removing an account name from a joint bank account ? I think the joint account is joint ownership. Its not like a 50/50 ownership. Eg. when it was on both names I could make full use of the amount of money anyway. I'm I wrong ?
Thanks to whoever can give me a clarification
Seamus