Can I Transfer my Girlfriend £16,000?

Medihv

A confusing area for me, putting this into google and it directs you to gifting allowances etc websites.

To put this into context, we live together and have done for many years. We own a house together and have joint bank accounts.

We have decided to clear off the finance on the car, but the car is in her name and I have the money.

A call to the dealer has revealed that it must be her to pay of the finance and they will not allow me to do it. I feel that this has something to do with people trying to sell cars and get the buyers to clear of the finance.

If i put 16k into our joint account. Will we hit a tax implication? Is this allowed? It's not gifting as such, its our joint money if that makes sense.

Thanks in advance.

HappyHarry

Medihv wrote: »

A confusing area for me, putting this into google and it directs you to gifting allowances etc websites.

To put this into context, we live together and have done for many years. We own a house together and have joint bank accounts.

We have decided to clear off the finance on the car, but the car is in her name and I have the money.

A call to the dealer has revealed that it must be her to pay of the finance and they will not allow me to do it. I feel that this has something to do with people trying to sell cars and get the buyers to clear of the finance.

If i put 16k into our joint account. Will we hit a tax implication? Is this allowed? It's not gifting as such, its our joint money if that makes sense.

Thanks in advance.

There is no tax on gifts to others* in the UK, so you can transfer as much as you like from your account to your joint account without falling foul of tax rules.

*barring some special rules on large gifts to trusts and inheritance tax planning.

kazwookie

Put the money in to your joint account, then pay off the car from that account.

You may get a call from your bank/s as you are over £10K.

Ring the car company first and get a full and fnal figure so you pay the right amount off.

xylophone

You can certainly transfer £16000 to your joint account and your partner will be able to use that money as she wishes.

There is no immediate tax implication - I suppose that as you are unmarried the money could be regarded as a gift so that there's potentially an IHT implication.

Medihv

Thank you all very kindly for the help! :)