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Form 17 and its uses

Shared from Tax Insider: Form 17 and its uses
By Mark McLaughlin, January 2022

Mark McLaughlin looks at some practical issues for spouses and civil partners of making a declaration of beneficial interests in joint property and income. 

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 married and living together. Carl is a basic rate taxpayer; Denise pays tax at the higher rate. They jointly own an investment property (i.e., Carl 75%; Denise 25%). The property rental income is £20,000.  

Carl and Denise each pay tax on income of £10,000. 

Living together 

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