Re: Outstanding Loan on death of a partner
Not necessarily!!
GENERALLY the application form makes it clear that the account is held on a joint tenancy basis, but there are a number of instances where HMRC have challenged this understanding.
If the funds are paid into a joint account by one person only it could be deemed to be held on a resulting trust for the depositor and so included in their estate.
This does not normally affect spouses and those in civil partnerships.
Originally posted by Openlaw15
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GENERALLY the application form makes it clear that the account is held on a joint tenancy basis, but there are a number of instances where HMRC have challenged this understanding.
If the funds are paid into a joint account by one person only it could be deemed to be held on a resulting trust for the depositor and so included in their estate.
This does not normally affect spouses and those in civil partnerships.
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