Reply To: Inheritance on partner’s death



All you – personally – “own” are shares in a company. You do not own the property in any personal capacity whatsoever. The company does.

A Limited Company is a distinct, separate legal entity from its directors/shareholders. Maybe you own 50/50 shares of the company with your wife or partner. The issued share capital may be just a few hundred pounds. You can transfer your shares to anyone you like, or you can sell them. That transaction does not mean THE HOUSE has changed hands – it hasn’t. Ownership remains with the company. No transfer tax, etc. is due.

You can also leave your shares in a will to someone. Although control of the company gives, in real terms, control of the house, it is not the same thing legally as transferring the house, because ownership remains unchanged.