Valuing jointly owned property for unmarried couples for IHT

I need clarification on how to value a jointly owned property for IHT purposes. There seem to be 3 different ways I have been told to do it: On the death of the first person the value of the property should be declared as: 1. 50% of the value - as that is your "share" of the property 2. 100% of the value - as the joint ownership means you both own 100% of the property 3. None of the value - as the property belongs to the other joint owner upon the death of the first joint owner Can anyone clarify what is right?

Hi Interesting,
You will need to contact the IHT helpline to confirm - 0300 123 1072 or refer to Inheritance Tax: detailed information
Thank you.