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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Inheritance tax - making gifts
Hankley
Posts: 1 Newbie
in Cutting tax
My wife is much more likely to live for the 7 years IHT period than I am. If she makes a gift to our children what proof/documentation is needed to show that she made the gift not me and not jointly? We have a joint bank account. Neither of us has our own separate account.
0
Comments
-
If you make gifts out of a joint account, I think you would really struggle to argue that your wife was the sole donor. Nuisance though it is, you might be best if she opens her own bank account and you move funds from the joint account into her account first.1
-
Yes I would recommend opening up a separate account. I would also recommend writing a memo stating that you solely are gifting the amount of x and to whom. Could take the form of an email or letter but it makes the intention 100% clear.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards