Does PIM 1030 apply to tenants in common?

PIM 1030 refers to jointly owned property.

Didn't find your answer?

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.

avatar
By Paul Crowley
10th Feb 2021 14:42

Anything in writing to explain the discrepancy?

Thanks (0)
Replying to Paul Crowley:
avatar
By JAR1976
10th Feb 2021 16:23

Thanks for responding. No nothing in writing that I am aware of.

Thanks (0)
avatar
By Justin Bryant
10th Feb 2021 15:07

No writing is needed for a common intention constructive trust. See: https://www.bailii.org/ew/cases/EWHC/Ch/2021/220.html

Thanks (0)
Replying to Justin Bryant:
avatar
By Tax Dragon
10th Feb 2021 15:15

But the second leg of para 57 iv should not be forgotten.

(Though IANAL, so I won't comment further.)

Thanks (0)
Replying to Justin Bryant:
avatar
By Paul Crowley
10th Feb 2021 15:28
Thanks (0)
Replying to Justin Bryant:
avatar
By Justin Bryant
10th Feb 2021 15:51

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

Thanks (0)
avatar
By JAR1976
10th Feb 2021 16:21

Bit of background. House was left by Grandmother 50:25:25. Then husband and wife gave away 10% each to son leaving it 70:15:15. This was done approx 10 yr ago as son had spent money on renovation work and parents wanted to give him something to reflect this (albeit the additional share in the property was worth more than their share in the renovation cost). GWRB but estate small so no IHT to consider.

Thanks (0)