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You do not usually have to pay any Stamp Duty or tax when you inherit property, shares or the money in joint bank accounts you owned with the deceased.

Inheritance Tax

What you pay will depend on how you owned the shares or property or how your bank accounts were set up.

If you and the deceased jointly owned the assets, you鈥檒l be known as 鈥榡oint tenants鈥� (鈥榡oint owners鈥� in Scotland).

If you each owned a part of the assets, you鈥檒l be known as 鈥榯enants in common鈥� (鈥榗ommon owners鈥� in Scotland and 鈥榗oparceners鈥� in Northern Ireland). Each part could be half or an agreed percentage of the money, shares or property.

Check with your bank if you鈥檙e not sure how the money in your accounts was divided up.

Joint tenants

You automatically inherit anything you owned as 鈥榡oint tenants鈥�.

You may have to pay Inheritance Tax if the whole of the deceased鈥檚 estate (all their money, property and possessions) is worth more than the Inheritance Tax threshold of 拢325,000 and the deceased鈥檚 estate does not pay.

Tenants in common

You may have to pay Inheritance Tax on the deceased鈥檚 share of the money in bank accounts, shares or property if the whole of their estate (money, property and possessions) is worth more than the Inheritance Tax threshold of 拢325,000.

If the deceased left you their share of the money, shares or property in their will, the executor of the will or administrator of their estate should pay the Inheritance Tax out of the estate.

If the estate does not have enough money to pay the Inheritance Tax on the deceased鈥檚 share of the assets, or the executor does not pay, you鈥檒l have to pay it. You may have to sell the shares or property to pay the tax and any other debts.

HM Revenue and Customs (HMRC) will contact you if you need to pay.

Income Tax and Capital Gains Tax

You may have to pay other taxes on anything you earn or profits you make from:

• bank interest
• share dividends
• property