7 Liability to gift tax in respect of gift taken by joint tenants

This section provides that where persons become beneficially entitled in possession to a gift as joint tenants, their liability to tax will be the same as if they took the gift as tenants in common in equal shares. The rationale behind the section is that each joint tenant could become the absolute owner of a share in the property by severing the joint tenancy.

Relevant Date: Finance Act 2015