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Where a residential property occupied as a family home is owned by husband and wife equally as tenants in common, is a discount figure applied to the valuation of the property for inheritance tax purposes on the first death? And if so, my questions are as follows.
First, if a discount is applicable, how much is that likely to be?
Secondly, where such a property is subject to a lifelong mortgage, is the amount that will become payable deducted in full from the estate of the first deceased?
Readers' opinions on these subjects would be helpful.
Where a residential property occupied as a family home is owned by husband and wife equally as tenants in common is a discount figure applied to the valuation of the property for inheritance tax purposes on the first death? And if so my questions are as follows.
First if a discount is applicable how much is that likely to be?
Secondly where such a property is subject to a lifelong mortgage is the amount that will become payable deducted in full from the estate of the first deceased?
Readers' opinions on these subjects would be helpful.
Query T16 803 — Denning.
Reply by Digby Bew:
It is perhaps surprising that an issue which is a staple of the day-to-day routine of private client practices and which is becoming more commonplace as advisers recommend tenancies in common as the 'holding of choice' for...
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