It is relatively common for a property to be jointly held in the names of a married couple (or
civil partners).
The general rule is that those individuals are treated for income tax purposes as beneficially
entitled to the property income in equal shares.This is sometimes referred to as the ‘50:50 rule’.
However, this 50:50 rule is subject to certain exceptions.
One important exception is if the individuals make a declaration to HM Revenue and Customs using Form 17.
Mark McLaughlin has written an article in which he highlights some practical issues and important planning points concerning the use of Form 17.
It is a sample article from our popular Property Tax Insider newsletter but you can read it right here:
>> Joint Property and Form 17: Practical Points
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