Gifting money to partner.

[flydigital]

My brother has bought property off me in exchange for a loan note. He has agreed to pay off the loan on the death of our parents when inheritance money will become available. In the meantime he has agreed to give me £5k / year as interest. I am assuming I would have to pay tax on that each year.

Is it legal form me to ask for no money but instead he gives my wife £5k / year as a gift? She is not using her tax allowance so if legal, we can avoid paying the tax it would incur.

[pawncob]

You can't change history. You should have thought about it before you did it, so the answer is NO.