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Where Taxpayers and Advisers Meet
IT payable on Property held in joint tenancy
-
hardyh457@aol.com
- Posts:1
- Joined:Wed Aug 06, 2008 3:04 pm
My neighbour is proposing to cohabit in a newly acquired property which she and her partner plan to own in joint tenancy. They have been given to understand by their lawyer that IT will not be payable in the event of the demise of either of them. I had always understood that only property passing between spouses upon the death of one of them is IT free. Please advise
-
Nigel Lord
- Posts:518
- Joined:Wed Aug 06, 2008 2:18 pm
Hardy
Inheritance Tax (IHT) is potentially payable on the whole value of a deceased's estate after deducting any unused nil rate band.
Where a joint tenancy, exists assets of the deceased automatically pass to the surviving joint tenant irrespective of what the deceased's will states. However, the market value of those assets is still included in the valuation of their estate for IHT purposes.
Whether your neighbour has a potential IHT problem on the first death depends on the size of their estate. If so, they should certainly seek advice from a qualified professional to ensure that they are protected.
If you require any further assistance please do not hesitate to contact us, and we will be happy to provide further advice.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
Inheritance Tax (IHT) is potentially payable on the whole value of a deceased's estate after deducting any unused nil rate band.
Where a joint tenancy, exists assets of the deceased automatically pass to the surviving joint tenant irrespective of what the deceased's will states. However, the market value of those assets is still included in the valuation of their estate for IHT purposes.
Whether your neighbour has a potential IHT problem on the first death depends on the size of their estate. If so, they should certainly seek advice from a qualified professional to ensure that they are protected.
If you require any further assistance please do not hesitate to contact us, and we will be happy to provide further advice.
Nigel Lord
Lord Associates
Taxation & Business Consultants
Caxton House
Old Station Road
Loughton
Essex, IG10 4PE
020 8418 9101 & 07769 931852
mail@lordassociates.co.uk
Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”