Gifts out of surplus income

I have a number of NS&I index linked savings certificates. I wish to start making gifts out surplus income to my son. If I withdrew the amount of interest and index linking at maturity could this be classed as surplus income?

Hi,
You can see guidance here:
IHTM14250 - Lifetime transfers: conditions for normal out of income exemption: out of income
Alternatively, you can contact our Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.

I have 3 pensions one works pension a state pension and a private pension that I take an annual drawdown amount after tax taken. Please clarify if my drawdown pension is either classed as an income or capital . Thank you.

Hi,
It is classed as income.
Thank you.

Hi I fully understand that ant one off purchases eg buy a car or D.I.Y purchases can be taken from my capital investments as opposed to from my earned income. Please advise can the same be said for a one off payment of £5000 as a wedding gift and the £3000 annual gift allowance. Or must these come out of my income. Thank you.

Hi 
Please refer to:
How Inheritance Tax works: thresholds, rules and allowances
Or contact the Inheritance Tax helpline here:
Inheritance Tax: general enquiries
Thank you. 

Good afternoon, I have read the guidance posted above and I believe understand the general rules for gifts to qualify. My query concerns joint accounts in the name of a married couple. Our combined income exceeds our normal expenditure. In our case, both are contributing to the household finances, but not equally. Is there any guidance available that covers how the gifts are allocated between the married couple?

Hi,
Please refer to:
How Inheritance Tax works: thresholds, rules and allowances.
Thank you.

Your reply doesn't even touch the sides of the question and is to all intents and purposes useless. Those pages only give rules related to individuals, not couples - which was the point of the question. Specifically do expenditures from a joint account get attributed to both equally or perhaps a different split based on the individuals contribution to that account. Additionally if we were to set up an account in my wife's name and ensured that all family expenditures were made from that account, could my executors claim my individual expenditures were zero. Furthermore, how is income from NS&I index linked savings corticates treated? The interest is a comparatively small amount, but the bulk is indexation of the capital. Is that treated as income?

I would also like clarity on how gifts from surplus income are attributed from a couple / joint account. How is the surplus to be determined when the regular expenditure in the joint account provides for both individuals but the Income generated is significantly different? Should the regular expenditure be divided in half and attributed to each individua's incomel? Or should all income and expenditure be amalgamated to demonstrate the total surplus? Given the paperwork following one individual's death only concerns 'their' income and 'their' expenditure it suggests that it should be divided for record keeping. Please advise.

Hi,
Please contact the Inheritance Tax team for advice.
Inheritance Tax: general enquiries
Thank you.

Hi ,
 

This fourm does not cover inheritance tax in the detail you  are seeking.  Please refer to:  How Inheritance Tax works: thresholds, rules and allowances or contact the Inheritance Tax helpline on 0300 123 1072  . Thank you .