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  • RE: Sole gift form joint account

    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.