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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15930
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If I transfer £8,000 from my current account to an

Customer Question

If I transfer £8,000 from my current account to an account owned by my wife at another bank will this pose tax issues / a HMRC investigation? The money is from a retirement lump sum I have just been paid. The banks are UK banks.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

There should be no problems with what you propose to do. If HMRC carried out an enquiry on your wife or you for that matter, the transfer could be easily explained as being part of your retirement lump sum. She won't have tax to pay on the £8,000. Your wife might tell her bank in advance of the transfer so as to avoid any money laundering questions.

I hope this helps but let me know if you have any further questions.

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