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This guide answers common questions about jointly owned assets on the Inheritance Tax ‘Return of Estate Information’ forms IHT205 and C5.
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Questions 13 and 14.3 are where you should enter any details about joint property or assets owned jointly, as well as information about the deceased’s own assets.
At question 13, you should provide the gross value of all assets that the deceased either:
The other way of jointly owning assets is as ‘joint tenants’. This is where you own something jointly with someone else (usually a spouse, partner or child) and it passes automatically by ‘survivorship’ to the joint owner when you die.
If the deceased owned assets as tenants in common with someone else, you should only enter details of their share of those assets in the boxes at question 13. If their main home was owned on a tenants in common basis or owned solely, their share should be given at box 13.8.
If they owned assets as ‘joint tenants’ - these could be anything from their main home to most joint bank accounts - you should enter details of their share of those assets in box 14.3.
The box at 14.3 is only a single box, whereas there are separate boxes provided in question 13 for each type of asset. The deceased’s share of whatever they owned as joint tenants with other people should be added up and entered in box 14.3 (itemised if you have space, summarised if not).
The above applies to joint property ownership in England, Wales and Northern Ireland. The law is different in Scotland (see the link below).
See more about how joint property is held - including in Scotland
Find out more about how to value a share in joint property
Download the IHT206 guidance notes for form IHT205 (PDF 535K) (Opens new window)
Download the C3 guidance notes for form C5 (PDF 245K) (Opens new window)
