Gift from joint account?

[Gooose]

Just a quick one for the forum, I have a joint account with my Mum, I can’t even remember setting it up to be honest be she said she did it when I was in my early twenties, it was her way of always making sure I had access to some money even if I was broke lol.

Now I have a second bank account with the same bank with a little in that I use as a savings account transferring over a few qwid every month, my mum was wondering if she gifted me say 10k would this be classed as a gift on inheritance tax if she passed away tomorrow?
. I mean I can see the account when I log into my internet banking so I dont know for sure but I could just send money from the joint account into my own account? But I’m a bit worried it could be classed a tax avoidance?

[Happy Jim]

Yup, doesn’t matter which bit of her estate it comes from it would still be liable to be counted for IHT if with the 7 years preceding her death.

Unless you’re confident that you can show it’s really a joint account (ie you pay into it etc)

Jim

[deggles]

There's a £3k annual exemption for gifts, and you can carry forward for one year. So a gift of £6k now and £3k next year would be exempt for IHT purposes. Assuming no gifts to anyone else are in the pipeline https://www.gov.uk/inheritance-tax/gifts

[Gooose]

Happy Jim said:

Yup, doesn’t matter which bit of her estate it comes from it would still be liable to be counted for IHT if with the 7 years preceding her death.

Unless you’re confident that you can show it’s really a joint account (ie you pay into it etc)

Jim

I haven’t paid anything into it ever, I forgot all about it and it gave me a pretty big shock when I logged into interment banking to see a wod of balance I didn’t know about!