Docklands Solicitor

In many cases assets owned in the joint names of the deceased and somebody else, pass automatically to the joint owner regardless of what is written in any Will or the Intestacy Rules. However, this does not mean that such assets are exempt from Inheritance Tax.

Inheritance Tax is payable on the value of the Deceaseds estate over 325,000 pounds at the rate of 40%. (Tax year 2009/10). This includes all the Deceased assets including those held in joint names.

Failure to disclose any assets whether held in sole or joint names may lead to penalties of up to 100% of the additional tax payable.

For further information contact Vanessa Adamson at Kaslers Solicitors LLP on 01622 844607.

Labels: deceased, inheritance tax, joint assets, penalties