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 鈥楧esignated Client account鈥� where the funds held are identified as belonging to that particular client - for example 鈥榅YZ partnership - Mr A account鈥�. In this case XYZ partnership is the legal owner and Mr A is the beneficial owner. A is taxable on any interest.
The fact that both names appear in the account title does not signify joint ownership. It is not in the name of 鈥榅YZ partnership and Mr A鈥�. Here 鈥楳r A鈥� merely designates the account legally held by XYZ that relates to Mr A鈥檚 affairs.