Areas of Law / Wills and Probate

If my wife and I opened joint bank or building society accounts with our children or grandchildren and put in the amount by which our assets exceed the inheritance tax threshold, would the money escape tax at 40%?

No. You actually have to part with the money and survive for seven years after making the gift for it to escape inheritance tax. Since you would still have access to the money in the joint accounts it would be regarded as a gift made “with reservation” and be reckoned part of your estate for inheritance tax purposes. See a solicitor specialising in financial planning for detailed advice.

What our clients say about our lawyers

Thanks for supporting me with advice on this matter. I will definitely recommend you to others who may require your expertise.

Satisfied Client

Read More

About Us

Leading legal advisors, problem solvers – all round good guys! We’re firm believers in a practical, no nonsense approach to law. Forget the jargon, we like to keep it simple – why complicate matters? No stress, no worry, just straightforward solutions to your legal issues. Free legal advice at your fingertips, from the experts to your inbox. is owned and operated by Farleys Solicitors LLP, a member of The Law Society and is regulated in the practice of law by the Solicitors Regulation Authority, Registration No: 484687. Any advice given on this site or in response to any question is only applicable to the law of England and Wales.

Privacy Policy | Terms