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A good reason to live for ever. In general, inheritance tax is payable on all gifts made from an estate. Where property is held under a Joint tenancy, and one of the joint tenants dies, then the right of survivorship means that the other joint tenants automatically absort the interst of the deceased. There is no 'inheritance' as such. Does that mean that they don't have to pay inheritance tax? Hah! There is, happily, an exception where a person inherits (either under a joint tenancy or otherwise) from his or her spouse.