Autumn Statement 2023 representation - jointly owned property

The ATT has submitted an Autumn Statement 2023 representation on jointly owned property.

In summary we consider that the rules governing the taxation of jointly owned property are unnecessarily complex and poorly understood, particularly among unrepresented taxpayers. This increases the risk of accidental non-compliance, resulting in additional costs for HMRC, taxpayers and professional advisers alike in correcting unintentional compliance errors.

Our recommendation is to align the income tax treatment of assets which are jointly owned by co-habiting spouses and civil partners with that applying to any other joint owners (ie those who are neither married nor civil partners).

More details can be found in our full representation.