YOUR QUESTIONS ANSWERED

Do married couples each have IHT exemptions?

Q I understand that a person can give away £3000 in any one year exempt from Inheritance Tax (IHT). Regarding a married couple, does this mean that each of the couple can give away £3000 (ie a total of £6000) or would the £3000 limit apply to the couple as a whole?

Also, if the couple have a joint bank account and make a gift of £3000 to one of their children by a transfer of money from this account, would the tax authorities regard this gift as having been made by both of the joint