Gifting money

[aspiring]

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 £5000 a year

 

[Rai200]

£3000 I believe.

 

[aspiring]

£3000 I believe.

Is that not for other family members.

Thought spouse is unlimited?

 

[Bear]

Yes, you can give your spouse or civil partner as much as you want free of tax so long as they live in the UK

 

[Rai200]

Is that not for other family members.

Thought spouse is unlimited?

Ah yeah, you're right. My bad.

 

[aspiring]

Yes, you can give your spouse or civil partner as much as you want free of tax so long as they live in the UK

And it is fine for them to take that money and invest in an ISA for them right?

what if the partner lives in UK but also pays tax in another country?

 

[Raymond Lin]

And it is fine for them to take that money and invest in an ISA for them right?

what if the partner lives in UK but also pays tax in another country?

Then wouldn't the partner be subject to the tax law of "another" country?

 

[aspiring]

Then wouldn't the partner be subject to the tax law of "another" country?

I mean does it impact gifting money in UK

Partner is resident of UK

 

[Zefan]

Is that not for other family members.

Thought spouse is unlimited?

I'm pretty certain this applies to everyone, not just spouse or family. The only issue is if they die within 7 years, at which point it would come under the potential for inheritance tax (if estate is large enough).

 

[EvilRob]

I'm pretty certain this applies to everyone, not just spouse or family. The only issue is if they die within 7 years, at which point it would come under the potential for inheritance tax (if estate is large enough).

There's no IHT between spouses.

 

[Mrwong]

The amount has not changed in years. They need to update a lot of stuff.

 

[EvilRob]

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 £5000 a year

Yes you can. Even answered by HMRC on their forum:

10. Personal tax - Community Forum - GOV.UK

 

[CAPTAINBUMFLUFF]

Yes you can. Even answered by HMRC on their forum:

10. Personal tax - Community Forum - GOV.UK

Thank for sharing, useful to know.

 

[el_dazza]

I'm pretty certain this applies to everyone, not just spouse or family. The only issue is if they die within 7 years, at which point it would come under the potential for inheritance tax (if estate is large enough).

Ugh, I've just sat an exam which had this in it.. absolute minefield

 

[aspiring]

Anyone able to help me with question about being tax resident in other country?

 

[sither]

if your gifting money i will send by bank details

 

[Mrwong]

if your gifting money i will send by bank details

I'll be second in the queue.
My bank account has room for unlimited money transfer. Thank you .

 

[aspiring]

Yes you can. Even answered by HMRC on their forum:

10. Personal tax - Community Forum - GOV.UK

What about if paying tax in another country?

 

[Raymond Lin]

Anyone able to help me with question about being tax resident in other country?

Then wouldn't the partner be subject to the tax law of "another" country?

What I am trying to say is....what country? won't you need to check the law from that "other" country? if she pays tax from that country, then would she not be also subject to tax law to that other country and without telling us what that country is, I am not sure how anyone can answer this open ended question.

 

[cainer]

My bank account has room for unlimited money transfer. Thank you .

My friend who is a Nigerian prince will be in contact with you soon