Section 837 — Income Tax Act 2007: Jointly held property: declarations of unequal beneficial interests

Jointly held property: declarations of unequal beneficial interests 837 1 The individuals may make a joint declaration under this section if—

a one of them is beneficially entitled to the income to the exclusion of the other, or b they are beneficially entitled to the income in unequal shares, and their beneficial interests in the income correspond to their beneficial interests in the property from which it arises.

2 The declaration must state the beneficial interests of the individuals in—

a the income to which the declaration relates, and b the property from which that income arises.

3 The declaration has effect only if notice of it is given to an officer of Revenue and Customs—

a in such form and manner as the Commissioners for Her Majesty's Revenue and Customs may prescribe, and b within the period of 60 days beginning with the date of the declaration.

4 The declaration has effect in relation to income arising on or after the date of the declaration.

5 The declaration continues to have effect until such time (if any) as there is a change in the beneficial interests of the individuals in either—

a the income to which the declaration relates, or b the property from which that income arises.