Joint names with spouse or civil partner

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

The decision to hold a property jointly with a spouse or civil partner has consequences beyond taxation. For example, it may change the position on separation or divorce, or allow creditors of the transferee spouse / civil partner to seize the assets. The wider implications of joint ownership must therefore be considered before a decision is taken.

For a review of extracting profits from a company through rental income payable to couples, see the Husband and wife / civil partners guidance note.

Legal and beneficial ownership

The first step is to establish how the property is currently held. There can be a difference between the legal and beneficial ownership of a property:

•
the legal owner is the person who has formal legal title to the property. This will normally be recorded by the Land Registry and / or on the property deeds
•
the beneficial owner has the right to benefit from the property. Beneficial ownership is sometimes known as an 'equitable interest' or 'equitable ownership'.

Where the couple share legal title

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Personal Tax

Timing of disposal for capital gains tax

Timing of disposal for capital gains taxDate of disposalThe date of the disposal determines the period in which the gain is subject to capital gains tax (CGT). When the rates of CGT change, the determination of the date of disposal can also affect the rate of CGT that applies to the gain.See the

14 Jul 2020 13:50 | Produced by Tolley Read more

Year-end tax planning

Corporation Tax

Research and development expenditure credit (RDEC)

Research and development expenditure credit (RDEC)This guidance note provides information on how research and development expenditure credits (RDEC) are calculated and utilised. The Qualifying expenditure for R&D tax relief guidance note provides information on what expenditure qualifies for

14 Jul 2020 13:24 | Produced by Tolley in association with Will Sweeney Read more

Corporation Tax

Non-trading deficits on loan relationships

Non-trading deficits on loan relationshipsOverview of non-trading deficits (NTDs)When a company’s debits on its non-trading loan relationships and derivative contracts in an accounting period exceed the credits on its non-trading loan relationships and derivative contracts in the same period (the

14 Jul 2020 12:17 | Produced by Tolley Read more

��˾��ҹ��