2nd Property owned as joint tenants

simplypink

We own a rental property as joint tenants in addition to our family home, also owned as joint tenants. Would both properties automatically pass to the survivor without any Inheritance liability if one of us died?

Keep_pedalling

The survivor would automatically end up as the sole owner of both, but whether there would be an IHT liability would very much depend on marital status. If the owners are not married or civil partners the spousal exemption does not apply so if the value of the shares in both properties exceeded £325k there would be an IHT bill to pay.