Inheritance tax on joint bank account

L

Lulux77

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I have a joint bank account with my elderly aunt and am wondering in the event of her death will I be liable for inheritance tax on the amount in the account over €30,150? I also understand that she has me named as joint owner on her prize bonds and again am wondering about inheritance tax on the bonds.
 
Not necessarily! You will not be liable for CAT on any funds you contributed to the account. However, I suspect that the funds are likely to have been contributed 100% by your aunt, given your query!
 
You might be a joint signatory on the account, but not a joint account holder. the former allows you to withdraw funds, but you are not the owner of the account so in the event of death, account is part of estate.
 
I know of a case where a Daughter has a joint A/C with her Father and is also his executor. He has recently passed away and so she is dealing with wis will and the solicitor told her that the joint A/C does not form part of the probate.
 
The funds may not form part of the estate but are still potentially taxable, these are two different issues.
 
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