Mark McLaughlin highlights a case in which a taxpayer might have prevented being taxed on income they never actually received.
It is relatively common for assets such as investment properties to be jointly held in the names of a married couple (or civil partners).
The general rule is that the couple is treated for income tax purposes as beneficially entitled to the property income in equal shares. This is often referred to as the ‘50:50’ rule (ITA 2007, s 836).
