Skip to content
V3068-17 ·23 November 2017 ·consulta-vinculante Medium impact
Tax

Removing a joint holder from a joint account may constitute a taxable gift if the funds were common property

A taxpayer inquired whether removing a joint holder from a joint bank account constitutes a gift. The Directorate General for Taxes (DGT) ruled that this depends on the actual ownership of the funds: if the money belonged to both parties, removing one holder implies a gift of the other's share; if the money belonged solely to the taxpayer, there are no tax implications.

In 6 key points

How it affects those involved

This ruling clarifies the distinction between the right to manage funds and the actual ownership of assets in joint accounts for Gift and Inheritance Tax purposes.

Lifecycle

2017-11-23PublishedPublished in the BOE
Official text Based on BOE data (boe.es). Information, not advice.

Does this provision affect you?

The tax team reviews your specific situation.

Talk to the tax team
This analysis is informational only and does not constitute legal advice or create a client-adviser relationship. BM Consulting.
Email
Contact