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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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If I have been left money through an inheritance, then I

Customer Question

If I have been left money through an inheritance, then I deposit this money in our joint bank account whose money is it.
If I were to die two weeks after depositing this money, would the whole of this money
count towards inheritance tax, or does half of this money count as belonging to my wife.
Submitted: 9 months ago.
Category: Tax
Expert:  bigduckontax replied 9 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

The money now belongs to the pair of you 50/50. Inter spousal transfers are outside the scope of Inheritance Tax (IHT). Any moneys left to your wife and vice versa do not count against the normal 325K IHT tax free limit anyway.

I do hope that I have set your mind at rest on this matter.

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