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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4783
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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: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year 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.