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Administration period

Joint tenancy

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Could any kind A-Webbers confirm whether my understanding is correct? That when a deceased individual held property as a joint tenant with his adult chidren (rather than tenants in common), the income from the date of death would go straight on the adult children's returns, rather than forming part of the Estate's income in the administration period. My logic is that the property would not have formed part of the deceased's Estate (just the value assessed for IHT purposes).

If anyone could point me to some guidance, that would be most appreciated!

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By maxaca
13th Sep 2019 14:26

Agreed - jointly held property of any kind does not form part of the Estate and should not be included in Estate accounts (except perhaps as part of the initial death Estate/IHT reconciliation), nor should any income arising therefrom be included in any Estate accounts or tax return - as you mention, it is not being 'administered' by the personal representatives but rather devolves immediately on death to the other joint tenant(s).

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By gainsborough
13th Sep 2019 15:06

Thank you so much Maxaca!

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