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Thank you for your answer, no we have not thought of that. But I wonder why the bank has not suggested that. However it is something to investigate.
Could you tell me what the situation would be, regards ***** ***** should either one of us died. Our property has been valued at £360,000, that would be £180,000 each. I assumed it would not be liable for inheritance tax, but my Son wonders whether it woud be assessed on the total value.
Hi, Thank you. Inheritance tax would only be payable if the value of the deceased party's whole estate is greater than £325,000. You would only pay it on their actual share in property. If there is no evidence of the split (e.g a deed of trust) then it is assumed to be 50/50.
I look forward to hearing from you. Kind regards AJ
Many thanks, ***** ***** have more questions I would like to ask, but need to talk to my Son. i will come back to you when I am abke to, may not be until tomorrow.