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IHT and gifts from joint account.

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.

Comments

  • MallyGirl
    MallyGirl Posts: 7,092 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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.
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  • Keep_pedalling
    Keep_pedalling Posts: 19,311 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 16 December 2024 am31 10:32AM
    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. 

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