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IHT and gifts from joint account.

GEOSZYMAN
Posts: 1 Newbie
What is the Inheritance situation if gifts without reservation are made from a joint account, one partner dies within 7 years and the other survives beyond 7 years of the gift.
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You need to keep records, or put a reference against payments like 'gift from Dad'I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
All our gifting comes from our joint account and are treated (and recorded) as joint gifts, so If one of us dies before 7 years is up then 50% of any such gift is a failed PET and reduces the transferable NRB by that amount.0
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