How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3933
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

My wife and I are both retired, we receive an income from

Customer Question

Hi, My wife and I are both retired, we receive an income from rental properties, approx 25,000 each pa. net before tax. All properties are in joint names, I am now receiving a state pension of 7,200 pa. We would like to purchase another property, in order to do so, we will need cash from my private pension, via drawdown, I have already done this twice. To keep myself under the 40% tax band, can I gift half of my State pension to my wife, in order to speed up the process
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Unfortunately HMRC rules do not allow you to assign to your spouse or any other person either your state pension or any of your occupational pensions [source: The Telegraph].

I am so sorry to have to rain on your parade.

Related Tax Questions