Q&As

If two people own a property as joint tenants can the valuation discount for jointly owned real property for inheritance tax purposes still apply as it does if they were to hold it as tenants in common?

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Published on: 24 May 2021
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We refer you to Practice Note: IHT—valuation principles and particular types of property (see section ‘Valuing joint property’).

This Practice Note explains that, where assets are jointly held, it is usual (except where related property rules apply), to divide the total value of the asset between the respective joint owners on the same basis as their ownership.

However,

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United Kingdom
Key definition:
Inheritance tax definition
What does Inheritance tax mean?

Inheritance Tax is paid on an estate when somebody dies or when trusts or gifts are made during someone's lifetime.

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