Gifting money to spouse and tax implications

[Racehorse]

Is it possible to give unlimited money to a spouse within a tax year. I guess the gift money does not count towards paying tax unless it the money earnt interest on top in a savings account?
My other half earns £6000 a year

[simon_harris]

if you are married and have already paid tax on the money how could you be taxed again for giving the money to your spouse? technically it is already hers anyway (at least 50%)

[alscar]

You can give your wife any money you wish and the only tax that will be paid is on her if she goes above any tax free savings allowance limits.

[The Leaper]

Gifting money to your spouse will not reduce your tax liability for that tax year because you'll be gifting it out your taxable income etc. If wife then invests what's gifted she will become liable for tax on any income/interest etc above allowances.

You should consider splitting assets between you so that you both make the best use of all the allowances available to you individually.

R.

[BoRED S2upid]

simon_harris said:

if you are married and have already paid tax on the money how could you be taxed again for giving the money to your spouse? technically it is already hers anyway (at least 50%)

I’m guessing he has a business or is self employed so has to do a tax return to pay tax. His accountant should have already told him such things.

The answer is yes you can gift anyone anything as long as you don’t die within 7 years. Ask your accountant.