Can I gift my wife £30,000 without owing HMRC any money?

Published by David Wesley-Yates on 30 October 2018.
Last updated on 30 October 2018

Q

I gift my wife £30,000, will either of us have to pay tax on it?

From:
JM/Wirral

A

Married couples and civil partners are allowed to pass cash and assets between each other free of inheritance tax (IHT). In other words, the surviving spouse can receive a gift of £30,000 in life or from the estate on death without having to pay IHT.

They can also pass on their unused tax-free allowance to their spouse. For example, if a husband were to die so long as his estate was under £325,000, his wife can take his allowance and add it to her own tax-free allowance.

Gifts of assets or cash to one’s spouse do not attract capital gains tax (CGT) and so your gift of £30,000 to your wife will not attract CGT.

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