gift to wife?

Seanw101

If I was to give my wife £15,000 to invest in the latest 3-year issue of the NS&I index-linked savings certificate, would she be liable for income tax on the gift?

I'm at my personal limit on this investment, but it seems a good deal for our circumstances so if can double my investment value, I would want to.

Any other reasons for not doing this, apart from the money is in my wife's name and she might take it out and spend it on handbags...?

RayWolfe

As you say, she could spend it on handbags and shoes ... but, on the other hand, there could be a tax advantage for you both, and there are no constraints and no tax upon gifting money between spouses.

tawse57

Why not put it into a joint bank account and then your wife simply withdraws the money from the joint account and puts it into the certificate? I am no expert but I thought that anything in a joint account between hubby & wife was treated as being equally theirs?

Otherwise, I am led to believe there is a £3,000 limit on giving money gifts to other people? I was once told to accompany any such gift with a signed letter stating that fact.

debbie42

tawse57 wrote: »

Otherwise, I am led to believe there is a £3,000 limit on giving money gifts to other people?

There is no such limit or restriction between spouses.

debbie42

Seanw101 wrote: »

Any other reasons for not doing this, apart from the money is in my wife's name and she might take it out and spend it on handbags...?

I have all of our savings in my name (other than my OHs ISA allowance) for tax purposes. So he has a little bit left for golf and stuff and the rest is being frittered on shoes and handbags ;-)

Jonbvn

debbie42 wrote: »

I have all of our savings in my name (other than my OHs ISA allowance) for tax purposes. So he has a little bit left for golf and stuff and the rest is being frittered on shoes and handbags ;-)

My wife holds the majority of our savings/investments in her name. She spends most of it on whisky and gambling, the rest she wastes;)

RayWolfe

tawse57 wrote: »

Otherwise, I am led to believe there is a £3,000 limit on giving money gifts to other people? I was once told to accompany any such gift with a signed letter stating that fact.

Totally wrong. As I said, there is no restriction to, and no tax upon, gifts between spouses.

Mikeyorks

debbie42 wrote: »

So he has a little bit left for golf and stuff and the rest is being frittered on shoes and handbags ;-)

Bet he gets some funny looks on the course? And a bit of irritation if he's spiking the greens with the high heels?

DocProc

By the way, you guys on here....

Q: How can you tell if your wife is dead?

A: The sex is the same but the dishes pile up.

Cough. Cough. Tin hat at the ready....