Could you give me a little more information please?
Are you referring to a Property that 3 of you own?
at the moment its just one person but myself & another person are thinking of getting our names on the deed paper.
does this also mean we can avoid the inheritance tax if one us dies.
Thanks for your reply.
I'm afraid that if a property is owned by more than one person, for Inheritance Tax purposes each party will still need to declare their respective share of the property whenever they die.
The percentage share you each will have in the property will depend on how you hold the property and how much each party's true financial interest in the property is.
It would be normal for 3 parties to hold the property as Tenants in Common, which means you all own a separate specific share in the property and if the paperwork is prepared and signed, the Transfer document you all sign will include confirmation of what percentage share you each are having.
I hope this answers your question, and if so, I would be grateful if you could leave positive feedback.