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  • Tax - Agreement to sever a joint tenancy
    Agreement to sever joint tenancy Owning a property as joint beneficial owners means each joint owner is taxed on an equal share of income or gains derived from the property. However, if one of them dies, their share automatically passes to the others before any will comes into effect. Severing the joint tenancy and instead owning the property as tenants-in-common means that each owner is entitled to a specific share of the property which can be bequeathed to anyone they wish. Automatic transferMost couples that...
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  • Tax - Land and buildings tenancy in common declaration
    Land and buildings tenancy-in-common declarationYou may need a tenancy-in-common declaration for a variety of reasons. Use it as evidence to satisfy HMRC that the property is now actually owned in unequal proportions.Split to your needsA Tenancy-in-common Declaration is usually used when you would like to change the proportion of ownership from an automatic 50:50 split under a joint tenancy. Therefore if you sever a joint tenancy you will need to use this document instead.This declaration should also be used...
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