Ankita.kodnani
Joined: 8/23/2024
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Cash Gift From Spouse from his Clean Capital
Dear HMRC, Me and My spouse came to UK from Singapore on 15th Aug 2024. My Spouse had transferred funds to his UK bank account as Clean Capital somewhere around early August. My spouse wishes to gift me some cash out of the above mentioned Clean capital. My question is: 1. Will my spouse or myself - be taxed for such gift of cash and will this money still be considered as Clean Capital. 2. I wish to open Fixed deposit out of the gifted cash. Do I need to have 2 separate bank accounts one with Principal and other to receive interest in order to maintain the gifted cash as clean capital. Appreciate your advise earliest possible. thank you.