IHT and Joint Tenant Property

SVaz

You’ve made this faaaar more complicated than it needs to be.
Not sure why you even bothered thinking about IHT,  the estate is way under the limit.
As for probate,  unless there are valuable works of art/antiques/ jewellery,  £500 for the whole contents is sufficient. 

If the house is sold,  there may be CGT to be paid as it was jointly owned but not lived in for a while by one owner -    It’s now only 9 months ‘grace’ rather than the 3 years it used to be.  

Jesus_take_the_wheel

SVaz, writing it down and talking it through via the forum has been helpful for me. There is one question still not answered, though I guess I can phone IHT and ask them as I complete the form. 

Can I ask what you mean by 9 months grace rather than 3 years  and does capital gains tax apply to anything that might be sold as part of the estate (not just property)?

SVaz

CGT is only due when property etc. have risen in value and it can be offset by conveyancing and Estate agent fees. 

It used to be that someone who owned but stopped living in a property had 3 years before CGT became due in the event that the value had risen and the property sold. 

It’s now only 9 months.
As for other goods, I know that classic cars are exempt,
 I don’t imagine that normal jewellery or household goods would go up in value.  Perhaps a valuable watch collection might. 

https://www.litrg.org.uk/savings-property/capital-gains-tax#:~:text=As%20noted%20above%2C%20CGT%20applies,We%20discuss%20exempt%20assets%20below.