half the house??

[mutantpoodle]

nothing actually planned as yet but...

for various reasons when we bought our house 33 years ago we put in 100% in wifes name

now we are both fairly confident that in any divorce situation it would be split...no problems


BUT......if I die.....would any part of the value of the house be deemed as mine for IHT purposes

[DrFfybes]

BUT......if I die.....would any part of the value of the house be deemed as mine for IHT purposes

Pretty sure not...

If it in your wife's name, then not. But if it is held as Joint Tenants then it would revert to her anyway, and even if it was tenants in common and you left it to her in your will there is no IHT between spouses.

Paul

[Dod101]

I cannot imagine why it would but it would be sensible for you to ensure that should your wife die first, she is leaving the house to you so that you are not left homeless. Maybe a better idea would for her to gift to you 50% of the house now and if you live in England make the ownership a joint tenancy as Dr Ffybes has implied so that on the first death the house will subsequently be owned 100% by the survivor.

There are no IHT or other tax implications as far as I know in doing so.

Dod

[gryffron]

No.
But tax wise it makes no difference.
There is no IHT between spouses, and no tax on transfer.
For IHT, both Nil-rate-band and Residential-Nil-rate-band are fully transferable between spouses.

It only matters if she leaves it to someone else, who then chucks you out. You might have a claim against her estate using the Inheritance (Provision for Family and Dependants) Act 1975. Which allows wills to be challenged to provide for dependent spouses/children. But such a claim could be very slow and expensive.

Gryff.

[genou]

BUT......if I die.....would any part of the value of the house be deemed as mine for IHT purposes

I'm coming to the party late here.
The quick answer is No. But that may not be good news. You have an allowance ( Normal Residence Nil Rate Band ) of 175k against IHT. Which you currently are not using because you own no property. If that's not an issue fine; if it is, your spouse can gift you part/half the house and bring it into play.

[mutantpoodle]

I'm coming to the party late here.
The quick answer is No. But that may not be good news. You have an allowance ( Normal Residence Nil Rate Band ) of 175k against IHT. Which you currently are not using because you own no property. If that's not an issue fine; if it is, your spouse can gift you part/half the house and bring it into play.

is that (Normal Residential Nil Rate Band) 175k in addition to my 325k or is it part of it??

[swill453]

is that (Normal Residential Nil Rate Band) 175k in addition to my 325k or is it part of it??

In addition. So a married couple leaving a house to offspring have an allowance up to £1 million.

Scott.