Beneficial interests in joint property

When spouses or civil partners own property jointly income is treated as received equally for income tax purposes. However, it is possible to tax income in accordance with unequal beneficial interests by completing and submitting a Form 17.

This form has changed, and now requires evidence of the respective interests in the property, for example a declaration of trust.

Form 17 does not apply to interests in a close company or commercially let furnished holiday accommodation. It is used mainly for bank deposit accounts, quoted shares and rental property.

For further details on how Gabelle can help you and your clients understand the advantages and disadvantages of this course of action, please contact Paul Howard on 020 7182 4747 or via email on paul.howard@gabelletax.com