Originally posted by Scruff
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Previously on "Tax status of 'gifts' from unmarried partner during unemployment"
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Originally posted by ladymuck View PostSo if he dies within 7 years, trash the house you share so its devalued
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Originally posted by TheCyclingProgrammer View PostMy understanding that regular gifts of money from income were also also exempt but regardless, there is no tax on gifts in the U.K. If the gifts aren’t exempt they would be potentially exempt transfers which only raises an issue if he dies within 7 years and even then only if the total value of his estate is above the IHT threshold.
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My understanding that regular gifts of money from income were also also exempt but regardless, there is no tax on gifts in the U.K. If the gifts aren’t exempt they would be potentially exempt transfers which only raises an issue if he dies within 7 years and even then only if the total value of his estate is above the IHT threshold.
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Don't overthink it. Consider it a loan from him which will never require repayment. Couples do this all the time.
Nothing to declare,
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If the funds were used to pay household expenses, why should he not pay his share, and in fact a larger share since he was earning income? The transfer to your account was simply the mechanics of how he was contributing to household expenses.
If you are taking the money and socking it away in an ISA, then there might be an issue. Can't imagine there's one if you are using it to pay household expenses.
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Thank you. We don't have a joint account as such, hence the transfers between accounts. Probably time to think about doing that - will raise it with him.
I thought the 7-year rule might apply but wanted to be sure due to previous not so great experience with HMRC.
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You don't need to actually share the details, just think about...
You live together, so no doubt the share the bills. Do you have a joint account for the bills or does one of you pay and the other chucks cash over to cover their share?
There's also this, which implies you only need to worry if he dies within 7 years.
https://www.contractoruk.com/forums/...d-partner.htmlLast edited by ladymuck; 24 January 2020, 14:23.
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Tax status of 'gifts' from unmarried partner during unemployment
Hugely grateful if anyone can help me out here.
I'm currently completing my tax return for a year when I was out of work and as a result, received a few handouts from my partner - these were mostly to cover specific household bills and other costs I needed help with, and since he earned a decent salary it seemed a better plan all round than me going on benefits. We're not married but we do live together in our jointly-owned home.
Annoyingly the total amount I received from him was a shade over £3k, which I understand is the annual tax free allowance.
The point I am less clear on is whether this is something that has to be declared on my return and I pay tax on the (minimal) excess of £3k, or is it only an issue if he pops his clogs (sorry) in the next 7 years and it become an IHT issue?
There's very little straightforward advice on this, so I'd be v grateful of any advice.Tags: None
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