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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I own my property jointly, is tax payable by the recipient

Customer Question

I own my property jointly, is tax payable by the recipient of the other half if one of us dies assuming that the level would be below inheritance tax threshold? We do not have a civil partnership.
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi. My name is*****'m looking at your question now and will post my answer or ask for more information here in a short while.

Customer: replied 1 year ago.
Many thanks
Expert:  TonyTax replied 1 year ago.

Recipients of inheritnaces or gifts do not normally pay tax on them. Take a look here for information on when they do.

A legacy to anyone other than your spouse or civil partner is not an IHT exempt one. However, if the deceased estate is not worth more than the IHT threshold of £325,000 (net of any gifts made in the seven years before death) there will be no IHT to pay in any event so your share of the property will pass to your partner tax free.

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

TonyTax and other Tax Specialists are ready to help you
Customer: replied 1 year ago.
That's good and clear, thank you very much.
Robert ~
Expert:  TonyTax replied 1 year ago.

Thanks.