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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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If my partner dies before me----- If his share of our home

Resolved Question:

If my partner dies before me----- If his share of our home under tenants in common, is specified to go to me, but it is over the inheritance tax threshold, will I have to sell our home to pay the additional tax required? If this situation occurs whereby he dies before me, will we both be able to utilise our individual single person tax allowances? We are not married. If not, when I die, will my daughter be able to receive our joint inheritance utilising both our individual tax allowances?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
I really need to know what the cost of setting up such a Trust might be in UK-lONDON
Expert:  TonyTax replied 1 year ago.
Hi. Let me take a look at this and I'll get back to you in a bit.
Customer: replied 1 year ago.
ok. Thank you. I have to get back to work by 4pm
Expert:  TonyTax replied 1 year ago.
OK.
Customer: replied 1 year ago.
no thanks. I will wait for your email.
Expert:  TonyTax replied 1 year ago.
If you partner dies before you and his estate has an Inheritance Tax liability which it does not have liquid funds to settle in full, then the house you share may need to be sold to make up the balance unless the funds can be sourced in an other way. I'm not sure what you mean by your individual personal tax allowances. You each have a £325,000 nil-rate Inheritance Tax band which can only be used against your individual estates unless you are married or in a civil partnership. If you are referring to the £10,600 personal income tax allowance, you get the full amount even if you die on the first day of the tax year. Your daughter won't receive the IHT bands. Each of your respective estates will have a £325,000 nil-rate Inheritance Tax band. Your estate may may also get the family property allowance which you can read about here:http://www.moneysavingexpert.com/family/inheritance-tax-planning-iht I can call you after 5.30pm this evening if you still feel the need for a phone conversation after having read my answer. I hope this helps but let me know if you have any further questions.
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