I’m afraid to say it is the position by default. If you live with your spouse or civil partner, the income from property held in joint names will be split in equal shares; regardless of any other circumstances.
However, clearly this puts married couples at a disadvantage to unmarried couples and therefore, there is now a way that married couples can apply to have the income allocated in an unequal way.
It does involve an application process though and you’re unlikely to be successful if for instance, your motives are only to shift more income to an individual paying tax at a lower rate. I would therefore encourage you to seek advice from a professional such as your local TaxAssist Accountant.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.