I believe that I understand the IHT tapering on gifts
and I understand nthat details of gifts should be kept in order that whoever is lucky enough to be executor cna find required info
BUT,,,as 'gifts' to spouse s are not IHT taxable is it required to keep details of all those?
am asking because we switch funds back and forth regularly whilst trying to keep up with ever changing Building society rates
I do all of the switches and I wouldnt be able to track them..definitely not going back 7 years...
IHT on gifts
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DrFfybes
- Lemon Quarter
- Posts: 2664
- Joined: November 6th, 2016, 10:25 pm
Re: IHT on gifts
No IHT on gifts between spouses, so no need to keep records for that...
There is a theoretical possibility that if you give MrsP a sum to immediately pass on to a beneficiary, then it could be considered as coming from you, similarly 'joint' gifts from joint accounts that were suddenly funded by one partner and used to make a joint gift, but in the real world it is unlikely to be an issue.
There is a theoretical possibility that if you give MrsP a sum to immediately pass on to a beneficiary, then it could be considered as coming from you, similarly 'joint' gifts from joint accounts that were suddenly funded by one partner and used to make a joint gift, but in the real world it is unlikely to be an issue.