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Asking this for a friend.
His long term partner has recently died suddenly. She left no will and has not yet claimed her pension from work as she was under 60. We are presuming her estate will go to her siblings who are her next of kin, as she didn't leave a will. She was about to inherit a substantial sum from her late mothers estate.
My friend bought the house they lived in, but put her name on the deeds as joint tenants. The house is worth over £650,000. He is wondering if he will have to pay inheritance tax on the 50% share in the house, he retrieves following her death and if so what the percentage will be?
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- Location: Wales
Everything above £325k will attract IHT of 40%
If you were married and widowed and none of your deceased spouse’s allowance was used on his/her death you have their allowance so you can leave £650K before inheritance tax is payable.
Your friend will not be liable for IHT his partner’s estate will have to pay it.
This (as all my offerings) is based on experience not legal qualifications. You would be best served, as someone has already suggested, to contact a solicitor.