Land registry inheritance tax

Glenda5

My brother wants to add my name to his house deeds. When he dies will I pay inheritance tax? . The  property is worth over 700k

OldUserNewName

Glenda5 said:

My brother wants to add my name to his house deeds. When he dies will I pay inheritance tax? . The  property is worth over 700k

I'm a bit surprised no-one has yet responded to your question.  I don't know any of the answers but can suggest some points to consider.
Will you be living in the property?  If not, then unless your brother pays you a market rent for occupying your share it becomes a 'gift with reservation'.
If the house is not your main residence then you will, when you sell your share, potentially become liable to Capital Gains Tax.
Is it reasonably foreseeable that your brother will require care, if so then consider the treatment of 'deprivation of assets'.
If you avoid the potential hurdles above then I think the gift will be a 'Potentially Exempt Transfer', meaning that if your brother survives for 7 years following the gift then the gift is totally ignored for Inheritance Tax purposes.
If your brother dies within 7 years of the date of the gift then, as I understand it, his Estate will be liable for Inheritance Tax, but if the Estate cannot pay then you will become responsible for a portion.

xylophone

https://www.which.co.uk/later-life-care/financing-care/gifting-assets-and-property/legal-transfer-of-property-a4z0d8g9xpj9
Do you intend to share the home with him? Otherwise, "gift with reservation"?
https://www.kingsleynapley.co.uk/insights/blogs/private-client-law-blog/inheritance-tax-why-do-so-many-fall-into-the-gift-with-reservation-of-benefit-trap

Keep_pedalling

His estate will pay I.h.t rather than you. If you don’t also live with him then his gift will not fall out of his estate in which case the exercise is pointless, and it would also have IHT implications on your estate.

You are also likely to face a capital gains liability when the house is eventually sold.

What is he trying to achieve by doing this?

V2001

As others have said only do this if your going to occupy the property with him, else it be a GWR. 
Is there a mortgage on the property. If so and the consideration is above 40k you will have to pay SDLT also. No mortgage and no money being exchanged equals no SDLT. 
Your brother if gifting the property into your name will be making a disposal for CGT purposes. If its his main residence no cgt. 
Also if you both live at property together as joint tenants and share the expenses equally or he pays more of the bills than you, there is no gwr or poat. If you pay more of the bills it will become a gwr.