Potentially Exempt Transfers

watershed

Do the revenue assume that a gift (PET) from a joint account is given equally by each of the joint account holders or should the gift be made from a sole account?

Also what documentation should kept to prove the gift for inheritance tax purposes?

kidmugsy

We have made gifts up to the £3k annual IHT exemption. We do so from sole accounts, and always write a letter of explanation, so that both recipient and donor keep a copy on file.