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Where Taxpayers and Advisers Meet

Joint Accounts

ADG47
Posts:1
Joined:Fri Jun 11, 2021 2:09 am
Joint Accounts

Postby ADG47 » Fri Jun 11, 2021 2:14 am

Who pays the IHT due on joint accounts. Is it the estate or the surviving account holder

pawncob
Posts:4697
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Joint Accounts

Postby pawncob » Tue Jun 15, 2021 9:12 pm

https://www.taxationweb.co.uk/tax-articles/inheritance-tax-iht-trusts-estates-capital-taxes/beware-joint-accounts-and-iht-how-much-is-owned-for-iht-purposes.html
With a pinch of salt take what I say, but don't exceed your RDA

pawncob
Posts:4697
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Joint Accounts

Postby pawncob » Tue Jun 15, 2021 9:19 pm

The IHT due on the amount declared as applicable to the deceased is payable by the executors. No tax is due on the share attributable to the other party.
With a pinch of salt take what I say, but don't exceed your RDA


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