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Joint Tenancy Asset Calculation
chou-chou
Posts: 135 Forumite
I think this is hopefully a simple one but I can't find it answered recently...
Parent and child are joint tenants on a property. Both lived there until about 2 years ago when parent went into full time care. Parent is now decreased and property passes wholly to the joint tenants.
When calculating the value of the property for iht do we take:
1. 50% of the total value minus the 10% allowed?
2. 100% of the total value minus the 10% allowed?
I think it's no. 1 but just wanted to make sure.
Thanks!
Parent and child are joint tenants on a property. Both lived there until about 2 years ago when parent went into full time care. Parent is now decreased and property passes wholly to the joint tenants.
When calculating the value of the property for iht do we take:
1. 50% of the total value minus the 10% allowed?
2. 100% of the total value minus the 10% allowed?
I think it's no. 1 but just wanted to make sure.
Thanks!
0
Comments
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Ignore this one - found the answer staring me right in the face in the support notes for iht205 (iht206 (2911)). Bit early in the morning!!0
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If IHT is likely to be payable you need to get a paid for professional valuation by a RICS or similarly qualified surveyor. Estate agent valuations will not do.Ignore this one - found the answer staring me right in the face in the support notes for iht205 (iht206 (2911)). Bit early in the morning!!0 -
Where did you get that "10% allowed" thing from?0
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Keep_pedalling wrote: »Where did you get that "10% allowed" thing from?Ignore this one - found the answer staring me right in the face in the support notes for iht205 (iht206 (2911)). Bit early in the morning!!
From IHT206:
Valuing a share in houses, buildings and land
If the deceased owned houses, land and buildings with other people you should start by working out the value of the deceased's share.
If the other joint owner is not the deceased’s spouse or civil partner, you can reduce the value of the deceased’s share by 10%. But if the house, land or building is wholly owned by husband and wife or civil partners, special rules apply and you should not reduce the deceased's share by 10%.0 -
MichelleUK wrote: »From IHT206:
Valuing a share in houses, buildings and land
If the deceased owned houses, land and buildings with other people you should start by working out the value of the deceased's share.
If the other joint owner is not the deceased’s spouse or civil partner, you can reduce the value of the deceased’s share by 10%. But if the house, land or building is wholly owned by husband and wife or civil partners, special rules apply and you should not reduce the deceased's share by 10%.
Thanks,that's my one new thing to learn every day sorted for today.0 -
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