Q&As

Where an individual was the sole owner of their home and made a potentially exempt transfer (PET) of a 90% interest in the property three years before their death, can a joint ownership discount be applied to the retrospective value of the 90% interest in the home as at the date of the failed PET for the purposes of calculating the inheritance tax (IHT) liability?

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Published on LexisPSL on 03/08/2020

The following Wills & Probate Q&A provides comprehensive and up to date legal information covering:

  • Where an individual was the sole owner of their home and made a potentially exempt transfer (PET) of a 90% interest in the property three years before their death, can a joint ownership discount be applied to the retrospective value of the 90% interest in the home as at the date of the failed PET for the purposes of calculating the inheritance tax (IHT) liability?

We refer you to the following content which you may find useful for your purposes:

  1. Practice Notes:

    1. IHT—valuation principles and particular types of property

    2. IHT consequences of lifetime transfers

  2. Q&As:

    1. An individual made a gift of a share of a property within seven years of death. How should the gifted share be valued for the purposes of calculating the inheritance tax (IHT) liability arising as a consequence of the individual's death?

    2. The deceased solely owned the property in which they lived with their brother. In 2008, the deceased gifted half of the property for no consideration to their brother so that they owned the property as joint tenants. They both continued to live in the property unt

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