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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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My wife and I would like to gift some money to our daughter.

Resolved Question:

My wife and I would like to gift some money to our daughter. In the context of IHT and the seven year rule do we need to specify whether the gift is from me or from my wife?
Submitted: 10 months ago.
Category: Tax
Expert:  TonyTax replied 10 months ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Expert:  TonyTax replied 10 months ago.

You should keep a record of gifts you make whether they are joint or not. As you and your wife each have your own nil-rate bands, then you should specify who makes any particular gift. Joint gifts by parents are normally seen as being made on a 50:50 basis but that's not always the case. You can find a list of exempt gifts here.

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

Expert:  TonyTax replied 10 months ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.

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