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Inheritance Tax and Joint Accounts

Chloe_G
Chloe_G Posts: 418 Forumite
Part of the Furniture 100 Posts Photogenic Name Dropper
in Cutting tax
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.

Comments

  • Jeremy535897
    Jeremy535897 Posts: 10,791 Forumite
    10,000 Posts Sixth Anniversary Photogenic Name Dropper
    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
    Albermarle Posts: 30,788 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    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
    Chloe_G Posts: 418 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    I have got savings but not in a joint account!
  • Albermarle
    Albermarle Posts: 30,788 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Chloe_G said:
    I have got savings but not in a joint account!
    OK sorry, I misread what you said .
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