TSEM9954 - Ownership and income tax: Specific types of property: bank and building society accounts: example 13 - Solicitors designated client account
Solicitors can offer their client a ‘Designated Client account� where the funds held are identified as belonging to that particular client - for example ‘XYZ partnership - Mr A account�. In this case XYZ partnership is the legal owner and Mr A is the beneficial owner. A is taxable on any interest.
»Ê¹ÚÌåÓýapp fact that both names appear in the account title does not signify joint ownership. It is not in the name of ‘XYZ partnership and Mr Aâ€�. Here ‘Mr Aâ€� merely designates the account legally held by XYZ that relates to Mr A’s affairs.