Joint income

In the case of joint ownership by a husband and wife of assets that yield income, such as bank and building society accounts, shares and rented property, the Inland Revenue will treat the income as arising equally to both and each will pay tax on one half of the income. If, however, the asset is owned in unequal shares or one spouse only and the taxpayer can prove this, then the shares of income to be taxed can be adjusted accordingly if a joint declaration is made to the tax office setting out the facts.

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