The extent of the share (England, Wales and Northern Ireland): lifetime gifts arising out of a transfer of an account into joint names
If Arthur places money in a joint account (IHTM15042) in the names of Arthur and Brenda as joint tenants (IHTM15082) and retains the right to withdraw the whole of it, as a general rule there will not be a lifetime transfer (IHTM15060) at the time the money is paid into the account. But if any part is subsequently withdrawn for the benefit of Brenda, the other joint owner, there may be a transfer at that time.
Refer to Technical any case where
- a withdrawal of this kind has been made
- it is claimed that there was an immediate gift when the money was paid into the joint account
- there is evidence that an immediate gift was intended, or
- the position is more complicated - for example where withdrawals need both signatures
(This content has been withheld because of exemptions in the Freedom of Information Act 2000) IHTM15042(This content has been withheld because of exemptions in the Freedom of Information Act 2000)