Gifts with two donors to one donee - 7 year rule

Keep_pedalling

silvercar said:

Keep_pedalling said:

silvercar said:

I read somewhere online that gifts from joint accounts should be considered as coming from the donors based on the monies they have put into the accounts. I don’t know how far back you are expected to go - I have a joint account with OH that was used to pay the deposit on offspring’s house buying. The account has been joint for 35 years!

I am pretty sure that is not the case where they are coming from the joint account of a married couple even if there is only one earner. 

Discussed here: https://www.investorschronicle.co.uk/content/6f427892-9b48-57ac-95be-ed1441933fce

Unfortunately it is behind a paywall.

silvercar

Keep_pedalling said:

silvercar said:

Keep_pedalling said:

silvercar said:

I read somewhere online that gifts from joint accounts should be considered as coming from the donors based on the monies they have put into the accounts. I don’t know how far back you are expected to go - I have a joint account with OH that was used to pay the deposit on offspring’s house buying. The account has been joint for 35 years!

I am pretty sure that is not the case where they are coming from the joint account of a married couple even if there is only one earner. 

Discussed here: https://www.investorschronicle.co.uk/content/6f427892-9b48-57ac-95be-ed1441933fce

Unfortunately it is behind a paywall.

Strange, I’ve not paid and I don’t see a paywall. Basically it said that money (even in married couples) joint accounts are considered to belong to the person that put in the money. Will search more later today.

Keep_pedalling

silvercar said:

Keep_pedalling said:

silvercar said:

Keep_pedalling said:

silvercar said:

I read somewhere online that gifts from joint accounts should be considered as coming from the donors based on the monies they have put into the accounts. I don’t know how far back you are expected to go - I have a joint account with OH that was used to pay the deposit on offspring’s house buying. The account has been joint for 35 years!

I am pretty sure that is not the case where they are coming from the joint account of a married couple even if there is only one earner. 

Discussed here: https://www.investorschronicle.co.uk/content/6f427892-9b48-57ac-95be-ed1441933fce

Unfortunately it is behind a paywall.

Strange, I’ve not paid and I don’t see a paywall. Basically it said that money (even in married couples) joint accounts are considered to belong to the person that put in the money. Will search more later today.

Who owns what in a married couple’s joint account is going to come down to what agreement they have over the account rather than who puts specific amounts of money in. HMRC will consider that it is 50/50 for income tax purposes unless there is a declaration to say otherwise, and are not going to question the fact that a joint gift made from such a account was not actually a joint one. 

All gifts to our children and grand children have been made from our joint account and are recorded as such on our gifts records, and most of those gifts have come originally from a large inheritance my wife received. 

https://www.boodlehatfield.com/articles/joint-accounts-whose-money-is-it/