I am trying to help out a family friend whose wife has recently passed away but it's not an area I am familar with. Together with their son they own a rental property held 70:15:15 as tenants in common. The wife completed the returns declaring rental profit 50:50 on hers and her husband's tax return (nothing to son) as they kept the income (and paid expenses) from the property. Is this acceptable looking at PIM 1030 or is that only relevant for joint tenants? Thanks in advance.
Replies (7)
Please login or register to join the discussion.
No writing is needed for a common intention constructive trust. See: https://www.bailii.org/ew/cases/EWHC/Ch/2021/220.html
But the second leg of para 57 iv should not be forgotten.
(Though IANAL, so I won't comment further.)
But It is good idea
Look what happened here
https://www.accountingweb.co.uk/any-answers/why-traders-should-have-hous...
No writing is needed for the different type of constructive trust mentioned at para 297 here either:
https://www.bailii.org/ew/cases/EWHC/Ch/2021/219.html