Re: who pays tax on a joint a/c??
- From: Ronald Raygun <no.spam@xxxxxxxxxxxxxxxxxxxxx>
- Date: Sat, 12 May 2007 17:19:09 GMT
John Boyle wrote:
In message <WPydncZuY9zBW9jbRVnyhwA@xxxxxxxxxxxx>, Alan <a@xxxxx> writes
John Boyle wrote:
Another feature of a joint account which many will regard as a
benefit is that it vests in the survivor automatically on the first
death, so long as the 'joint' status has not been severed,
irrespective of the terms of any will and the institution only needs
sight of the death cert, not probate..
However ... it wont stop the Inland Revenue requiring the executors of
the deceased having to account for the deceased share of any funds held
in a joint account, passing to the surviving joint party, in
calculating whether there is any liability to Inheritance Tax.
Thats right, but only if the joint parties are not spouse.
Eh? Surely if the deceased had debts (whether to the Revenue or not),
and the only place he kept dosh was in accounts which all happened to
be joint with his wife, then although the widow will get sole *control*
of the accounts without probate, the *ownership* question is still not
resolved at that stage.
Although funds which transfer by survivorship will not be taxed if they
pass to a spouse, there may be other (non-dosh) assets in the estate
which do not pass to the spouse, and on which IHT is due, and the
Revenue can require the widow to dig into those ex-joint accounts to
pay any tax due, and so can any other creditors of the deceased.
.
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