Evidence of joint ownership now required by HMRC

Posted: 7th September 2011

When property is owned by two or more persons, the ownership, and thus any income arising from it, may not always be splTax formit in equal proportions. HM Revenue and Customs (HMRC) recognise this by allowing the income arising from jointly-owned assets to be apportioned by the owners.
For a married couple or civil partners, this is achieved by making a declaration signed by the owners on form '17 - Declaration of beneficial interests in joint property and income'. The guidance relating to this form has recently been updated.
HMRC now advise that evidence of beneficial interest must be submitted along with any form 17 declaration and that this evidence must be supplied in regard to declarations in respect of all types of property, not just bank and building society accounts.