How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax, Tax Consultant
Category: Law
Satisfied Customers: 15976
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
Type Your Law Question Here...
TonyTax is online now

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: 2 years ago.
Category: Law
Expert:  TonyTax replied 2 years ago.

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.