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Tax Insider Tip: Method of Ownership
12/12/2016, by Tax Insider, Tax Tips - Property Tax
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Persons who own property on their own do so in their sole name with sole rights.

The two ways in which property may be held jointly are as:

  • Joint tenants – each owner has equal rights over the property such that when one dies the property is automatically transferred into the other owner’s name.
  • Tenants in common – the share of each owner is separate, may be unequal and may be disposed of in lifetime or on death as the respective owner wishes.

Spouses/civil partners can own property in their own names or jointly, usually as joint tenants.

Two or more unmarried persons may own property either as joint tenants or tenants in common, although it is more usual for the ownership to be as tenants in common.

This is a sample tip taken from our 112 page guide:

101 Tax Tips For Landlords 2016/17

About The Author

The above article is taken from 'Tax Insider,' TaxationWeb's own publication specifically for taxpayers and their advisors. 'Tax Insider' is a monthly magazine containing numerous tax tips, articles, questions and answers from leading tax experts, aimed at helping taxpayers to save tax and reduce their liabilities.

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