Assets such as an investment property are sometimes jointly held in the names of a married couple (or civil partners). Generally, the couple is treated for income tax purposes as beneficially entitled to the property income in equal shares (the ’50:50 rule’) (ITA 2007, s 836). Example 1: The 50:50 rule Carl and Denise are… Read More »
It is relatively common for certain assets (e.g., a property) to be jointly owned. A property can be owned either as ‘joint tenants’ or ‘tenants-in-common’ (this article applies to property ownership in England and Wales). If a property is bought equally, it will be held as joint tenants unless the owners direct otherwise. Pass it… Read More »
The expression ‘putting someone on the property deeds’ is commonly used to describe changing the legal ownership of a property, such as an individual’s home. ‘Putting someone on the property deeds’ often involves giving the dwelling, or an interest in it, to a spouse (or civil partner) or close family member. There could be several… Read More »
Two (or possibly more) individuals might together buy (say) a house. If one of those individuals disposes of their interest in the house to a third party or dies, how should that property interest be valued for inheritance tax (IHT) purposes? Why it matters The jointly-owned house could be held either as ‘joint tenants’ or… Read More »