I act for a client who is the joint owner with his wife of a house they used to live in and that is now rented out. He is named as the lessor and the rent is paid into a bank account in his sole name.
The mortgage on the house has always been in their joint names from the time they bought it. They are not separated or in any way estranged.
I have felt inclined to regard the property income as split between the spouses for income tax purposes but am unsure whether the lack of my client’s wife’s name on the lease would invalidate this.
I would appreciate any light that readers might shed on this matter.
Query 19 315– Radcliffe.
Reply by Goston
Distinguish the legal and beneficial ownership of a property.
Radcliffe is of the opinion that his client and his wife are the joint owners of the property and...
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