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Changing ownership of property

Income, Corporation, Capital Gains, Inheritance Taxes, VAT and so on.

Changing ownership of property

Postby Earl » Tue Apr 18, 2017 9:20 am

My father is 85 and is disinheriting me from properties he previously promised me.

He has changed them from joint tenancy to tenants in common. I was told years ago that it was better for inheritance tax purposes to register them as joint tenancy. So I'm not good on tax law, so I am asking is there any sensible/financial reason that could explain this.

I know he has done this for purely vindictive and nasty reason, but am looking for a financial reason that could account for this action, that he could use in law.
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Re: Changing ownership of property

Postby atticus » Tue Apr 18, 2017 9:58 am

His interest does not transfer to the joint owner on his death but goes into his estate. He can therefore dispose of it in his will.

There may be an IHT benefit, but more knowledge of his assets and finances would be needed.
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