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TonyTax
TonyTax, Tax Consultant
Category: Law
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Following the death of his wife my sister in 1996 she was childless

Customer Question

Following the death of his wife my sister in 1996 she was childless and died intestate my brother in law formed a joint savings account with me in a building society in 2002 and provided all the funds this was intended to be in the form of a gift . In 2004 I was made principle holder. In 2009 half the account was transferred to another account solely in my name and in 2011 a further 25% was transferred to another account in may name only.
Two small other transfers were made to the sole accounts and when he died earlier this year there was approximately 15% of the original in the joint account. Tax on the joint account was deducted at source .
Could you please confirm the joint account does not form part of my brother in laws estate for probate and advise as to the position regarding inheritance tax
Submitted: 1 year ago.
Category: Law
Expert:  TonyTax replied 1 year ago.
Hi.

Half the money in the joint account should be included in your brother in law's estate for Inheritance Tax purposes unless you can prove it was yours alone to use as you wish. Simply saying that was the case won't do I'm afraid.

I hope this helps but let me know if you have any further questions.

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