Jointly owned assets
Schedule IHT404
When to use this form
Fill in this form to give details of any assets that were owned
jointly by the deceased and any other person(s).
Do not include:
jointly owned assets outside the UK – these assets should
be included on form IHT417, ‘Foreign assets’
assets owned jointly by a business or partnership – these
assets should be included on form IHT413, ‘Business and
partnership interests and assets’
If the joint assets include houses, land or buildings and interests
in land you will also need to fill in form IHT405, ‘Houses, land,
buildings and interests in land’ to provide a full description of
the land and property.
Jointly owned assets where all the money was provided by
the deceased
Sometimes assets may be owned jointly with another person,
but one person provided all the money, either in an account
or to buy an asset. For example, an elderly person who has
difficulty getting out, may add the name of a relative to an
account for convenience so the relative may draw out money
on the elderly person’s behalf.
If the person who provided all the money dies, then their
share of this account will be the whole. But if the other
joint owner has withdrawn money for their own use, those
withdrawals may be gifts and you may need to include them
on form IHT403, ‘Gifts and other transfers of value’.
It follows that if someone died with their name on a joint
account but they did not provide any of the funds, no part of
the account need be included in the estate unless the other
joint owner intended to make a gift to the deceased.
If there is not enough space on pages 2 to 6 to include all of
the details, please fill in another copy of this form.
Assets jointly owned with a surviving spouse or
civil partner
If the other joint owner was the deceased’s spouse or
civil partner, at boxes 1 and 6 you only need to fill in
columns A, B, F and G.
Reduced rate of Inheritance Tax
If the estate qualifies to pay the reduced rate of
Inheritance Tax then you will also need to fill in form
IHT430, ‘Reduced rate of Inheritance Tax’.
How to value jointly owned assets
The discount for jointly owned assets is not an exemption or
relief and must not be included in box 4 on page 3 or box 9
on page 5. Please read ‘How to value joint property’, including
the examples, in the guidance notes about form IHT404 in the
IHT400, ‘Notes’.
Name of the deceased
Date of death DD MM YYYY
Inheritance Tax reference number if known
Help
Please read the guidance notes about form IHT404 in
the IHT400, ‘Notes’ before filling in this form. For more
information, help or to get another copy of this form:
go to www.gov.uk/inheritance-tax
phone our helpline on 0300 123 1072 – if calling from
outside of the UK, phone +44 300 123 1072
IHT404 Page 1 HMRC 09/15
1
Jointly owned assets
This page should only contain details of jointly owned:
houses, buildings and land
shares and securities which gave the deceased control of the company
If there are none, write ‘0’ in box 1.
Number
each
item
(1,2,3
)
A
Description of asset
If the asset is the deceased’s house
(shown on the form IHT400, box 11)
write ‘deceased’s house’ here and say
whether it is freehold or leasehold
B
Names of other joint owners
and their relationship to the
deceased
C
Date joint
ownership started
DD MM YYYY
D
Contribution by
each joint owner
Show as fractions
or monetary values
E
Share of
income
received by
each joint
owner (if any)
F
Value of the whole item
at the date of death
£
G
Value of the deceased’s
share at the date of
death
£
Total value of the deceased’s share (add together all entries in column G)
1
£
IHT404 Page 2
2
4
Liabilities for the jointly owned assets shown in box 1
Give details of any mortgages or loans secured against the jointly owned assets shown in box 1. If there are none, write ‘0’ in box 2. Do not enter household bills here. Give details of
joint household bills in box 7 on page 5 of this form instead.
Item number
shown in box 1
Description of the liability Name of creditor Total amount outstanding at
the date of death
£
Deceased’s share of the amount
outstanding
£
Total amount of the deceased’s share
2
£
Net assets (box 1 minus box 2
)
3
£
Exemptions and reliefs for the jointly owned assets shown in box 1
Give details of any exemptions or reliefs claimed on the jointly owned assets shown in box 1. If there are none, write ‘0’ in box 4. Do not include discount for jointly owned assets here.
See ‘How to value jointly owned assets’ on page 1.
Item number
shown in box 1
Details of relief or exemption deducted
For example, if the jointly owned assets shown in box 1 are passing to the deceased’s spouse or civil partner or to a charity, you should
deduct spouse or civil partner or charity exemption here. If you are deducting charity exemption enter the full name of the charity,
the country of establishment and the HM Revenue and Customs charities reference, if available.
Amount of exemption or relief
£
Total amount of exemptions and reliefs
4
£
Net total of jointly owned assets (box 3 minus box 4) £
5
Copy this amount to form
IHT400, box 49
IHT404 Page 3
6
Other jointly owned assets
Give details of other jointly owned assets which were not listed in box 1, for example, bank accounts, household and personal goods. If there are none, write ‘0’ in the box 6.
Number
each
item
(1,2,3
)
A
Description of asset
Include account number for
bank accounts
B
Names of other joint owners
and their relationship to
the deceased
C
Date joint
ownership started
DD MM YYYY
D
Contribution by
each joint owner
Show as fractions
or monetary values
E
Share of
income
received by
each joint
owner (if any)
F
Value of the whole item
at the date of death
£
G
Value of the deceased’s
share at the date of
death
£
Total value of the deceased’s share (add together all entries in column G)
6
£
IHT404 Page 4
7
9
Liabilities for the other jointly owned assets shown in box 6
Give details of any liabilities to be deducted from the other jointly owned assets shown in box 6. If there are none, write ‘0’ in box 7.
Item number
shown in box 6
Description of the liability
For example, an overdrawn joint bank account or joint household
bills such as unpaid council tax
Name of creditor Total amount outstanding at
the date of death
£
Deceased’s share of the amount
outstanding
£
Total amount of the deceased’s share
7
£
Net assets (box 6 minus box 7)
8
£
Exemptions and reliefs for the jointly owned assets shown in box 6
Give details of any exemptions or reliefs claimed on the jointly owned assets shown in box 6. If there are none, write ‘0’ in box 9. Do not include discount for jointly owned assets here.
See ‘How to value jointly owned assets’ on page 1.
Item number
shown in box 6
Details of relief or exemption deducted
For example, if the jointly owned assets shown in box 6 are passing to the deceased’s spouse or civil partner or to a charity, you should
deduct spouse or civil partner or charity exemption here. If you are deducting charity exemption enter the full name of the charity,
the country of establishment and the HM Revenue and Customs charities reference, if available.
Amount of exemption or relief
£
Total amount of exemptions and reliefs
9
£
Net total of jointly owned assets (box 8 minus box 9) £
10
Copy this amount to form
IHT400, box 50
IHT404 Page 5
Survivorship assets
On the death of one of the joint owners, some joint assets
pass by survivorship to the remaining joint owner(s).
Assets which pass by survivorship do not pass under the terms
of a person’s will or, if they did not make a will, by the rules
of intestacy.
We need to know which assets pass by survivorship for
2 reasons:
although they are included in the estate for the purpose
of Inheritance Tax they are not included for the purpose of
probate or Confirmation
if the death was after 6 April 2012 and the estate qualifies
for the reduced rate of Inheritance Tax
The rules are different for assets in England and Wales or
Northern Ireland (English law) to those in Scotland
(Scottish law).
English law
If all the joint owners of an asset intended that when one of
them died their share would pass to the other joint owner(s),
then this is a survivorship asset. This type of asset is always
owned equally and the deceased’s share of the asset passes to
the other joint owner(s) by survivorship.
Joint bank and building society accounts are usually held in
this way. Jointly owned houses or land can be held in this
way or as ‘tenants in common’ where each joint owner owns
a distinct share of the property and can pass their own share
by will to anyone they choose. To find out whether a jointly
owned house or land is a survivorship asset you will need to
check the conveyancing documents.
Scottish law
If assets are owned in the names of the joint owners ‘and the
survivor’ (this is called special or survivorship destination), or if
there is any mention of survivorship in the deeds to heritable
property, the share of the first to die will normally pass by
survivorship to the other joint owner(s).
Survivorship destinations in joint bank and building society
accounts do not by themselves pass ownership of the funds
to the survivor on the death of the first joint owner.
The ownership remains with the provider unless there has
been some further act of transfer, for example, a deed of gift.
In the absence of any other act on the death of the provider,
the whole account will pass under the terms of their will or, if
they did not make a will, by the rules of intestacy.
Joint life and survivor policies
If the deceased was entitled to benefit from a joint life
and survivor policy, the policy is more likely to pass by
survivorship than by will, but this is a complex area. You
should also fill in form IHT410, ‘Life assurance and annuities’.
You can find out more about life assurance policies at
www.gov.uk/inheritance-tax
11
Did any of the assets listed in box 1 or box 6 of this form pass to the other joint owner(s) by survivorship?
No
Enter ‘0’ in box 11 (column B) then go to box 12
Yes
List the assets that passed by survivorship in column A, and the liabilities deducted from those assets in column B
Box number
(1 or 6)
Item number
A
Value of the deceased’s
share before deduction of
liabilities and exemptions
£
B
Value of liabilities deducted
£
Total
11
£ £
Total of column A Total of column B
12
Box 2 plus box 7 minus box 11 (column B)
£
13
Box 2 plus box 4 plus box 7 plus box 9
£
IHT404 Page 6Page 6
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