Gifts from Income
Hitting
Posts: 172 Forumite
in Cutting tax
How do I ensure that a Standing Order set up as a regular Gift from a Joint Bank Account is accepted by HMRC as coming from my Income and not the other account holder.The major payments into the bank account comes from my income.....and is sufficient to allow me to make these gifts in accordance with IHT rules.
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Comments
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You could write a letter to the donee confirming that you will be making him a regular gift each month. Keep a copy in your records.
If you are that concerned about gifting from a joint account, just open an account in your sole name to hold the money you wish to gift?0 -
Thank you for your response....
Could you comment on this further option for its validity.
Instead of implementing the S.O. Online,..if I completed the SO.request by completing as a paper application, but still coming from the same joint bank account, would this be acceptable by HMRC?0 -
Continued....
The purpose of paper SO is that I am able to sign it.0
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