inheritance tax

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bandydai

Posts: 17

Joined: Thu Dec 31, 2009 10:56 pm

Location: South Wales

Post Mon Feb 07, 2011 5:07 pm

inheritance tax

My partner and I are not married and we jointly own our home. It is two houses knocked into one, so two titles. We have made wills leaving everything to each other. When one of us dies will the other have to pay inheritance tax regarding the house if it has reached the threshold, and what is the threshold at the moment? We don't have any other significant valuables or money.
Any help.................please .Thank you.
Dai
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thescruff

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Moderator

Posts: 5098

Joined: Sun May 04, 2003 12:04 am

Location: Bath

Post Mon Mar 14, 2011 3:11 am

Re: inheritance tax

Not a Solicitor so always best to ask.

But it used to be the joint owner of the property would not have to pay inheritance tax on the death of the other partner.

If the property was subsequently sold then Tax would be payable unless it was reinvested in another property.
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AlanE

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Posts: 2278

Joined: Sun Jun 29, 2003 11:20 am

Location: Colchester Essex

Post Mon Mar 14, 2011 8:50 am

Re: inheritance tax

Again not a solicitor.

Things change over the years. Property that is transfered between surving partners free of tax might have differing tax implications where the partners are not joined by marrage.

At one time, I believe, non married partners living together and each holding a half share in a property would have to pay tax on the one half of the property inherited from the other partner.

Could also be a case of checking of ALL the inheritence implications in case of non married partners if either has been married before, might not be fully divorced or where children might be involved.
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