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Gifts from Income - IHT Exemption

Jason123456
Posts: 2
Joined: Wed Oct 11, 2017 1:53 pm

Gifts from Income - IHT Exemption

Postby Jason123456 » Wed Oct 11, 2017 2:17 pm

If I make monthly contributions into JISAs from a joint bank account into which my retirement income is paid,how do I ensure that contributions are attributed to me (for HMRC acceptability)and not my wife who is the other joint owner of the bank account.

Is it sufficient that I sign the investment application form at the same time as thr Direct Debit authorisation referring to the joint bank account?

I am aware that one must have sufficient to live off after making contributions from Income,..Do the following Income sources apply when determining Income from which expenditures will apply?
Occ.pension
State pension
Annuity income
ISA gross interest...reinvested
ISA gross dividends...reinvested

The sum of all above will be nett of income tax.
Are there any other conditions I need to consider in order that I remain exempt from IHT, when gifting from Income?

maths
Posts: 6940
Joined: Wed Aug 06, 2008 3:25 pm

Re: Gifts from Income - IHT Exemption

Postby maths » Wed Oct 11, 2017 3:02 pm

Joint accounts can be a nightmare for tax purposes.

Who contributes the monies into the joint account?

Presumably either party is able to withdraw funds (ie joint signatures not required)?

Jason123456
Posts: 2
Joined: Wed Oct 11, 2017 1:53 pm

Re: Gifts from Income - IHT Exemption

Postby Jason123456 » Wed Oct 11, 2017 3:10 pm

Both contribute to joint accounts but my contribution is considerably more.

Either party is able to withdraw funds


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