We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Gift Allowance
clonkel
Posts: 63 Forumite
Hi, my wife and I have separate bank accounts. If we want to make a gift of the allowable £3000 do we have to take £1500 from each account?
Also, we did not make a gift in the last tax year so are we now able to give £6000 this year?
thank you very much
Also, we did not make a gift in the last tax year so are we now able to give £6000 this year?
thank you very much
0
Comments
-
The annual gift allowance is not shared between you and your wife, so you can each give £3000 per tax year (£6000 max). You should pay the gifts out of your own accounts.
However, if you didn't use last year's gift allowance you can each give £6000 (£12,000 max).
There is also a small gift allowance of £250 per person per tax year, this can only be used for those who were not given money from the annual allowance.1 -
That is brilliant thank you for your help. No matter how many times I read the information I kept thinking it was £3000 joint.
Thanks again very helpful1 -
It is not an allowable amount, you can gift as much like, and anything above the allowance stays for 7 years in your estate as far as IHT is concerned.clonkel said:Hi, my wife and I have separate bank accounts. If we want to make a gift of the allowable £3000 do we have to take £1500 from each account?
Also, we did not make a gift in the last tax year so are we now able to give £6000 this year?
thank you very much0 -
As a follow up, do I need to keep a record of these gifts? I keep bank statements. Who would ask to see them after a death?Love living in a village in the country side0
-
It would be the executor of the deceased's estate who is responsible for such things as going through bank statements. However, I'm not sure if an executor can demand to see anyone's bank statements other than the deceased's ones.1
-
You can gift however much you like, 3k is not a limit.Forty and fabulous, well that's what my cards say....0
-
Yes, it will make your executors job a lot easier than trawling through 7 years of bank accounts.in_my_wellies said:As a follow up, do I need to keep a record of these gifts? I keep bank statements. Who would ask to see them after a death?
Is your estate likely to to be in IHT territory?1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards