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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...
