Inheritance Tax and Joint Accounts

Chloe_G

If you have a joint current account and one of you dies, is half the money in the account subject to inheritance tax (and I suppose similarly would half the money in a savings account be subject to inheritance tax - although we haven't got any of these)?  Thank you.

Jeremy535897

Yes in most cases where the deceased's estate exceeds their available nil rate band, but if the joint account is held with a spouse or civil partner, that is exempt.

Albermarle

Chloe_G said:

If you have a joint current account and one of you dies, is half the money in the account subject to inheritance tax (and I suppose similarly would half the money in a savings account be subject to inheritance tax - although we haven't got any of these)?  Thank you.

To digress a little . Seems a bit odd that you are worrying about IHT, but have no savings. Appreciate you may have funds elsewhere but why no savings at all ?

Chloe_G

I have got savings but not in a joint account!

Albermarle

Chloe_G said:

I have got savings but not in a joint account!

OK sorry, I misread what you said .