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

David Wesley-Yates
30 October 2018

Q

If 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.