IHT 7 year rule on gifts into joint accounts

Gari_baldi

If I were to gift money into a joint account in my name and my 3 children’s names and document it as a gift to them, the 7 year rule would apply but after that it is be considered as theirs, or 1/4 mine or completely mine as I gifted it?

Bookworm105

joint accounts are...  err... joint !
you can't claim some is mine some is theirs

are the children old enough to escape the parent being taxed on money in their name anyway?

Albermarle

Not sure how easy it is to have a four way joint account? Especially if they really are children ( not adults) .

SeniorSam

Do keep your own money in your own account if you wish to gift it away under the 7 year rule. It can then be seen clearly that it is a gift. Don't forget that this gifting rule is only if your estate is over the IHT limits when you die. Many people with lower value estates have thought that the gifting rule always applies but when your estate is below the IHT level, you can gift what you want as long as the gifting does not help reduce the estate value below that level