Property held as Joint Tenants - Inheritance tax question

[Samila]

I was just looking for some general advice as I couldnt seem to find an answer online.

If a spouse (part of a married couple) were to die without a will but the property was held as joint tenants would it automatically pass to the surviving spouse and also as a result not be subject to any inheritance tax?

In the absence of a will wanted to ensure that my children or spouse would not be subjected to inheritance tax given the property is jointly owned.

If the property owned as joint tenants is subject to inheritance tax would it be on the full value of the property or just half of it??

Any advice appreciated thanks! Samila

It passes to surviving spouse(joint tenant) and IHT allowance combines for when it is passed on again.

IHT isn't payable between spouses at all.

The property is joint with the spouse, not a third party?

Make a will!

Joint tenants as a married couple would automatically go to the remaining spouse. I think it would also apply unmarried, but would mean a chance of IHT.

Tenants in common is when you own a percentage/half of the property individually, and can leave the asset to a child/dogs home etc upon death if you so wish, although that would be more complicated and would need a will stating you wanted that, rather than following intestate rules.

If the other person on the deed is the spouse, it doesn't matter which type of tenancy. Without a will the house goes.to them automatically and.without IHT. (Although a will makes the process simpler and faster.)

Thanks for the responses.

So if I have understood correctly, IHT will
not apply if you are married and have a property held as Joint Tenants in the absence of a will.

I don't think that is correct.

https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/

Property held as joint tenants and money held in joint bank accounts does not form part of the estate for inheritance tax purposes

Make a Will or is it your spouse that is refusing to make one?

If you're joint tenants, the other party automatically owns the house on death of one party, regardless of whether they're married or not. It doesn't form part of the estate so no inheritance tax applies. If you were tenants in common, your "share" would go to whoever was named in the will or according to intestacy rules.