Q.2 What are the tax rules around jointly-owned property?
I inherited a commercial property in Birmingham from my father, which he co-owned with his sister 50:50. Upon my father’s death, the property was reassessed. Do I now pay more tax than my aunt, or is the total bill split 50:50?
Arthur Weller replies:
The total bill is split 50:50. Whatever your father owned (i.e., 50% of the property) passed to you. That percentage did not change when he died or when the property was reassessed.
