Jennifer Adams examines the benefits or otherwise of getting married (or entering into a civil partnership) focusing on property tax in particular.
In the UK, property taxes are not as directly tied to marital status as they might have been in the past, but marriage can still influence how certain property taxes are applied.
-
Income tax
By default, where a married couple (or civil partners) owns property as joint tenants, any rental income is usually split equally for tax purposes. Should the ownership shares be unequal as tenants in common, the couple can make a declaration (on HMRC form 17) to have the profits taxed in the proportion (or losses allocated) of the beneficial interest held in the property.
Being taxed using beneficial interest would be beneficial where one spouse or civil partner is a higher (or additional rate) taxpayer and the
