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F E Smith
F E Smith, Advocate
Category: Law
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Experience:  I have been practising for 30 years.
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Inheritance tax

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Inheritance tax

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Can we have the full background detail and the question please?

Customer: replied 1 year ago.
Hi yes, ... basically this is for a friend thats asked me for adviceHis mother wants to make a will he's has joint ownership on a property with her, which was gifted before his father died the property was on his brothers name but he paid all the bills and mortgage, so it was his diving fathers which for the property which one belonged to his father, so the property was gifted to him and his mother the wife of his father, ....dos that make sense so far?
Customer: replied 1 year ago.
sorry many typos
Customer: replied 1 year ago.
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Customer: replied 1 year ago.
Customer: replied 1 year ago.
hello is anybody there?

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Customer: replied 1 year ago.
Hi I have retyped can send it to first
Customer: replied 1 year ago.
Are you there?
Customer: replied 1 year ago.
This is for a close family member called Toby thats asked me for adviceToby's mother (Julia) wants to make a Will, he has joint ownership on a property with her, which was gifted to them before his father (Andrew) died.The property was in his brothers (Jon) name, it was gifted to him by his father (Andrew) many years before, for what ever reason, but Toby paid all the bills and mortgage, and looked after Julie and Andrew, so it was his fathers (Andrew) dying dream to gift the property to Toby and his wife (Julia) Toby's mother.My question is there any inheritance tax required to be paid by anybody?
Customer: replied 1 year ago.
no need for a phone call sorry
Customer: replied 1 year ago.
Customer: replied 1 year ago.
hi can you refund me please!!!
Customer: replied 1 year ago.
Hell0 how long are you going to be I've sent you my phone number?
Customer: replied 1 year ago.
Ok I don't understand this service i want a refund!!!!

We have now spoken

Confirming our telephone conversation.

The property is now in the name of Toby and Julia.

The property was transferred firstly from the father, Andrew, to John and then, at the father’s request, from John to Toby and Julia.

Julie wishes to write a will leaving her share of the property to John who has children.

Check the Official Copies of Title Register from the Land Registry. If there is a restriction, “no disposition by a sole proprietor…..”, then the property is Tenants in Common.

If there is no restriction, it is Joint Tenants.

If it is joint tenants and either Toby or Julia die, the property passes to the survivor regardless of what either of their Wills says.

If it is tenants in common, it passes in accordance with their respective wills.

If the restriction is not there and the property is joint tenants it needs to be converted to tenants in common otherwise Toby’s share and Julia’s share will not pass in accordance with their Wills. Julia needs to give Toby a one line letter about the property which states that she here by severs the joint tenancy. It is as simple as that. She then fills the land Registry form SEV and send it to the land Registry.

here are some notes

Julia and hopefully Toby can then write wills leaving their share of the property and about other assets to whoever they like.

There is no inheritance tax for a beneficiary to pay if the deceased leaves an estate currently under £325,000 which would include in this case, Julia’s half share. Hence, Julia leaves half a share in the property with £600,000, her share which someone is going to inherit is £300,000 and there is no tax to pay by the beneficiary.

If her late husband did not use his exemption on death, then her estate can benefit from his exemption meaning that she could leave £650,000.

To be honest, this is relatively straightforward, it has been the various transfers of the property over the years which has complicated it but ignore those and just look at the situation now. The will that Julia needs to write straightforward.

Best wishes