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Joint property, shares and bank accounts

FinSol Tax Advisors is a leading firm of Accountants Finchley and we provided affordable accounting services throughout London.

In most cases, you don’t have to pay any Stamp Duty or tax when you inherit property, shares or the money in joint bank accounts you owned with the deceased.

Inheritance Tax
What you pay will depend on how you owned the shares or property or how your bank accounts were set up.

If you and the deceased jointly owned the assets, you’ll be known as ‘joint tenants’ (‘joint owners’ in Scotland).

If you each owned a part of the assets, you’ll be known as ‘tenants in common’ (‘common owners’ in Scotland and ‘coparceners’ in Northern Ireland). Each part could be half or an agreed percentage of the money, shares or property.

Check with your bank if you’re not sure how the money in your account(s) was divided up.

Joint tenants

You automatically inherit anything you owned as ‘joint tenants’.

You may have to pay Inheritance Tax if the whole of the deceased’s estate (all their money, property and possessions) is worth more than the Inheritance Tax threshold of £325,000 and the deceased’s estate can’t or doesn’t pay.

Tenants in common

You may have to pay Inheritance Tax on the deceased’s share of the money in bank accounts, shares or property if the whole of their estate (money, property and possessions) is worth more than the Inheritance Tax threshold of £325,000.

If the deceased left you their share of the money, shares or property in their will, the executor of the will or administrator of their estate should pay the Inheritance Tax out of the estate.

We can help you for your any accountancy need of your business. If you want to know any kind of information about our services contact us any time!

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