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Jointly held property

07 February 2012
Issue: 4340 / Categories: Forum & Feedback
Married couples and those in civil partnerships may commonly hold property as joint tenants

We act on behalf of numerous married clients who have held let property as ‘joint tenants’ and our understanding is that income is split 50:50. However we are aware of – and a little confused by – various articles advising on different allocations as follows.

Can the property be split as tenants in common (say 90:10) by a legal transfer and what evidence is needed to prove this beneficial ownership; for example is a simple deed of trust sufficient?

Does a form 17 need to be completed as well as the legal transfer above?

Presumably ownership shares can be altered during lifetime (e.g. back to 50:50) if tax status changes; however would this be queried?

If the property is held jointly other than by a married couple (e.g. by parents and husband/wife) can the income be allocated differently without a change in legal ownership; for...

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