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Question on inheritance tax when family home is in sole name.
smjxm09
Posts: 672
Forumite
in Cutting tax
Question on inheritance tax. I am married and own our house but that house is in my sole name, as I bought it before we married.
If the wife dies first her assets are passed on to me tax tree but when I die and I pass on our joint assets to our children does my estate benefit from the £175,000 residence allowance she would have had if the house was in joint names? If not, our tax-free estate is cut from £1,000,000 to £825,000.
The bottom line is should I put the house in joint names for tax purposes?0
Comments
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No, in that situation your estate would still be able to claim the transferable RNRB. I would still move to joint ownership will make things much easier if you die first.Do you both have wills and LPAs in place?1
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Confirmation of the "No" from HMRC https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm460401
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