Meeting Points

12 September 2001 / Ralph Ray

Issue: 3824 / Categories: Events

RALPH RAY FTII, TEP, BSc (Econ) solicitor, consultant with Wilsons, reports a TaxAid Conference on tax planning.

Gifts from husband to wife

Robert Jamieson MA FCA FTII highlighted the fact that assets gifted between husband and wife must be an 'outright gift' if they are to avoid the application of the settlement provisions of Part XV of the Taxes Act 1988 (see in particular section 660A).

In this regard a transfer from one spouse to another will not be construed by the Revenue as an outright gift if:

(i) the gift is subject to any conditions; or

(ii) the property gifted or any income from it may be returned to the donor or otherwise applied for his benefit.

This point has been further clarified by the Revenue's guide IR83 and attention was drawn to paragraph 121 of that booklet which states:

'Merely putting an account or other asset into the name of...

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Meeting Points

12 September 2001 / Ralph Ray

RALPH RAY FTII, TEP, BSc (Econ) solicitor, consultant with Wilsons, reports a TaxAid Conference on tax planning.

Gifts from husband to wife

In this regard a transfer from one spouse to another will not be construed by the Revenue as an outright gift if:

(i) the gift is subject to any conditions; or

(ii) the property gifted or any income from it may be returned to the donor or otherwise applied for his benefit.

This point has been further clarified by the Revenue's guide IR83 and attention was drawn to paragraph 121 of that booklet which states:

'Merely putting an account or other asset into the name of...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Issue:

3824

Categories: Events [1]

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