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Finance Act 1988
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Changes over time for: Section 34
Version Superseded: 06/04/2007
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- 01/02/1991- Amendment
- 24/02/2003
Point in time - 06/04/2007- Amendment
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34 Jointly held property.U.K.
The Taxes Act 1988 shall have effect for the year 1990-91 and subsequent years of assessment with the insertion of the following sections after section 282—
“282A Jointly held property.
(1)Subject to the following provisions of this section, income arising from property held in the names of a husband and his wife shall for the purposes of income tax be regarded as income to which they are beneficially entitled in equal shares.
(2)Subsection (1) above shall not apply to income to which neither the husband nor the wife is beneficially entitled.
(3)Subsection (1) above shall not apply to income—
(a)to which either the husband or the wife is beneficially entitled to the exclusion of the other, or
(b)to which they are beneficially entitled in unequal shares,
if a declaration relating to it has effect under section 282B.
(4)Subsection (1) above shall not apply to—
(a)earned income, or
(b)income which is not earned income but to which section 111 applies.
(5)Subsection (1) above shall not apply to income to which the husband or the wife is beneficially entitled if or to the extent that it is treated by virtue of any other provision of the Income Tax Acts as the income of the other of them or of a third party.
(6)References in this section to a husband and his wife are references to a husband and wife living together.
282B Jointly held property: declarations.
(1)The declaration referred to in section 282A (3) is a declaration by both the husband and the wife of their beneficial interests in—
(a)the income to which the declaration relates, and
(b)the property from which that income arises.
(2)Subject to the following subsections, a declaration shall have effect under this section in relation to income arising on or after the date of the declaration; but a declaration made before 6th June 1990 shall also have effect in relation to income arising before that date.
(3)A declaration shall not have effect under this section unless notice of it is given to the inspector, in such form and manner as the Board may prescribe, within the period of 60 days beginning with the date of the declaration.
(4)A declaration shall not have effect under this section in relation to income from property if the beneficial interests of the husband and the wife in the property itself do not correspond to their beneficial interests in the income.
(5)A declaration having effect under this section shall continue to have effect unless and until the beneficial interests of the husband and wife in either the income to which it relates, or the property from which the income arises, cease to accord with the declaration.”
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