Buying a property in joint names with a dc

[Canibuyahousethisway]

I’m a widow , one adult child who does not own a property.
I am assuming the next move will be my last and wondered if it’s possible to buy the house jointly with my dc, with me providing all the purchase price?
My thinking is that when I die I’ll leave half a house which should fall below Inheritance tax threshold, whereas the whole house will be over it.
Anyone know if I can do this? DC won’t live in the house with me.
Thanks for any advice.

Nil Rate Band

She shouldn't have to pay any IHT.

I think if your dc were to buy a house of their own, but was already joint owner of another property they could find they were liable for a very significant stamp duty bill. It’s 3% on the whole purchase price if buying a second property and you don’t intend to sell the first property. £7,500 on purchase of a house worth £250,000, but nil if buying as a first time buyer.

@SlipSlidinAway

Iv copied and pasted this from the gov website, which seems to imply iht is due as property is over 500k?? I'm confused

Passing on a home
You can pass a home to your husband, wife or civil partner when you die. There’s no Inheritance Tax to pay if you do this.
If you leave the home to another person in your willl, it counts towards the value of the estatee.
If you own your home (or a share in it) your tax-free thresholdd_ can increase to £500,000 if:
• you leave it to your children (including adopted, foster or stepchildren) or grandchildren
• your estate is worth less than £2 million

@lavagal A spouse can upon their death pass their NRB and the £175k to the surviving spouse, who's estate is then able to use the first deceased spouse's allowances on top of their own.

Afaik this doesn't work for non-married/civil partnered couples - another reason to get married.

@titchy Thankyou so therefore my mum can inherit her parents allowances added together before needing to pay iht Thankyou

@lavagal - that relates to one person. As previously said, your grandfather's IHT allowance passed to your Nan.

I've no legal/tax background but am speaking from experience. My MIL recently. Her property sold for £550k. Plus she had about £80k in the bank. No IHT to pay because my FIL's IHT allowance passed to my MIL on his death several years ago. DH has had several conversations with the tax people about this and they have confirmed this is the case. Probate is almost complete.

@SlipSlidinAway Thankyou for taking the time to reply it's a challenging time and I don't think my mum has been taking the advice in properly that she's been receiving - I'll chat to her and ask her to get clarification

Thanks so much