Debbie Reyland highlights tips and pitfalls to look out for when using Form 17 for jointly owned property.
Unsurprisingly, income received from jointly owned property is usually allocated between the owners on the basis of beneficial ownership. However, this is not the case for married couples or civil partners (referred to here as spouses) who live together and own property jointly outside of a formal partnership. Instead, a default fiction of a 50:50 split for income tax purposes only applies (courtesy of ITA 2007, s 836(1)).
For this purpose, spouses are presumed to be living together unless:
