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Inheritance Tax and Joint Accounts
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Chloe_G
Posts: 390 Forumite
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.
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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.1
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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 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.1 -
I have got savings but not in a joint account!1
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OK sorry, I misread what you said .Chloe_G said:I have got savings but not in a joint account!0
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