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READERS' FORUM QUESTIONS sometimes follow themes. The use of the capital gains tax main residence exemption is a common ingredient IR35 periodically spices things up and transfers of goodwill have became a summer and autumnal addition to the tax menu.
Lately the possibilities arising from the extraction of capital from property businesses (a 'Schedule A business' as was) have come into season.
Even more recently what seems to have been a hitherto overlooked morsel has raised a tasty little question; that is the division of property income between non-spouse co-owners. Now if someone had asked how the rental income of a property that was co-owned by people who were not husband and wife (and now presumably not civil partners) should be divided between them for tax purposes you might probably have said 'in accordance with their capital shares' and if I am honest I...
