Gifts under IHT allowance from Joint accountsMy wife and I would like to gift £3000 each under the IHT Gift allowance ie my wife will give £3k to our daughter and I will give £3k to our son. Do we have to gift this from our own individual named bank accounts or can we use our joint account and still qualify for the IHT allowance of £3000 each?
RE: small gift clarificationThank you for your response. The guidance stipulates: "Small gift allowance You can give as many gifts of up to £250 per person as you want each tax year, as long as you have not used another allowance on the same person. Birthday or Christmas gifts you give from your regular income are exempt from Inheritance Tax." (i) Does this specific reference to birthday and Christmas gifts mean that such gifts may be given in addition to any gifts given under the the aforementioned £3k/£250 allowances, with no IHT implications? (ii) The reference to birthday and Christmas gifts comes under the "small gift allowance" subheading: does that mean that each birthday/Christmas gift cannot exceed £250, without IHT implications? Thank you in anticipation.
small gift clarificationMay I please request clarification on the following sentence in the HMRC guidelines on IHT: "Birthday or Christmas gifts you give from your regular income are exempt from Inheritance Tax." Does this mean that you can give someone birthday and Christmas gifts in addition to an exempt gift of £250 or some other sum from your £3000 exemption, with no IHT implications? And if so, is there a limit to the value of the birthday and Christmas gifts? Thank you in anticipation.