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Posted Wed, 16 Aug 2023 11:37:03 GMT by AJ06 J
Can i make a sole gift from a joint account or would the gift automatically be deemed to be 50:50. If sole gift be made, would the remaining funds be treated at 50:50 for IHT.
Posted Thu, 17 Aug 2023 17:17:49 GMT by HMRC Admin 25
Hi AJ06 J,
As a joint account it would be seen as 50/50.
For IHT purposes, please refer to:
How Inheritance Tax works: thresholds, rules and allowances
Posted Tue, 07 Nov 2023 10:55:28 GMT by speedy21
I would appreciate some further clarification on the origin requirements for a gift. My wife and I only have a joint current account I understand from the above that I would need a new current account in my name only to give a gift to my child which does not involve my wife under the 7 year tax regulations . Also can money put into my new account come from savings in my wife's name? With a possible 40% tax on the gift I want to want to make sure I am giving it correctly and I have been unable to find this information on the HMRC websites under gifts.
Posted Thu, 09 Nov 2023 15:18:31 GMT by HMRC Admin 19

Please contact our Inheritance Tax team for advice.

Inheritance Tax: general enquiries

Thank you.


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