joint tenancy is there tax to pay on death

J

justonepoint

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Hi not sure if i am in the right forum:

Question four of us own a farm in joint tenancy unfortunitly one of the owners who is not related to any of us died.

As the value of her one fourth share divided by three exceeds the tax inheritance threshold from her to each of us does this mean that we have to pay inheritance tax.

Or because the joint tenancy agreement has been in place for about ten years does it mean that there is no tax to pay now or going forward when the rest of us drop of the face of the earth?

I looked on the internet but just can't find a definite answer for this query.
 
With joint tenancy the survivors automatically get the persons share who passed away, with out it going through a will.

How is tax calculated
 
I beleive that it is treated as an inheiritence from the 3rd party and thus liable to CAT.

As it is from an unrelated person, the cumulative threshold of all gifts since 1991 is € 20,740 and the amount above this is taxed at 25%
 
Go to an accountant.

CAT will apply as normal. the fact that an asset passes outside of the will does not affect the application of CAT.

However, business relief or agricultural relief may apply and so your tax liability could possibly be reduced or eliminated.
 
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