My wife passed away recently, and as sole executor (and beneficiary), I need some advice regarding the declaration of gifts made within the 7 years prior to her death – we have mirror wills.
We decided in 2015 that we should start divesting our assets to minimise future IHT liability. It also enabled us to fund our youngest daughter to purchase a modest house, which otherwise she would not be able to afford. To compensate our other daughter, we (overall) gifted her with the equivalent amount. We funded these gifts from life-long savings and sale/transfer of shareholdings. All payment of gifts was from our joint bank account.
My question is what HMRC will accept as proof of the gifts ! To my mind, the simplest would be in the form of bank statement entries – or would they require tracing back to solely held accounts ? The simplicity of the former would allow me to literally halve these gift amounts, 50% being made by my wife (and thus declared in her probate application), the other 50% being potentially exempt gifts from my future estate.
I would greatly value your advice on this – thank you in advance !
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