429. Jointly-held property.

Income arising from property held in the names of individuals who:

1.  

   (1)     are married to, or are civil partners of each other; and

2.  

   (2)     are living together¹ is treated for the purposes of income tax as income to which they are beneficially entitled in equal shares².

However, this principle does not apply to the following exceptions³:

1.  

   (a)     exception A: income to which neither of the individuals is beneficially entitled;

2.  

   (b)     exception B: income in relation to which a declaration by the individuals of unequal beneficial interests⁴ has effect;

3.  

   (c)     exception C: income to which Part 9 of the Income Tax